Question

The compound interest on certain sum of the one year is double of the sum itself find the rate of interest​

Answer 1

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The compound interest on certain sum of the one year is double of the sum itself find the rate of interest.

$\small \blue {\sf{αnѕwєr :- }}$

Simply Annual compound interest(A) equals,

A = P( 1 + r/100) ^t

Where P = your initial sum

r = rate of interest %age

t = time of investment

Since in this question, A = 2*P, t = 8

We get,

2*P = P(1+r/100)^8

2 = ( 1 + r/100)^8

Taking log both sides

Log(2) = 8*Log(1+r/100)

Since log2 ~. 301

.301/8 = log(1+r/100)

.037625 = log(1+r/100)

1.09049831 = 1 + r/100

r/100 = .09049831

r = 9.049831

Thus at 9.049831% rate of interest the sum will double itself if compounded annually for 8 years.

Answer 2

Step-by-step explanation:

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