Question

What rate of compound interest will a sum of money become (125/64) times of itself in 3 years ?

Answer 1

Answer:

25%

Step-by-step explanation:

Step-by-step explanation:

Let the sum of money be denoted as “P”, then the amount will become “(125/64)*P”.

Time period, n = 3 years

Also, let the rate of interest be denoted as “R”%

The required formula for calculating the amount in compound interest is,

A = P [1 + R/100]ⁿ

=125/64 = (1 + i)^3

(5/4)^3 = (1 + i)^3

then

5/4 = 1 + i ..... .. i = 1/4

thus

i = 25%

Answer 2

Answer:

answer is 25%

Step-by-step explanation:

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