Find the rate at which a sum of money will double itself in 3 years ,if the interest is compounded annualy.

Asked by V H ANAHAT SRIHARI | 29th Mar, 2012, 06:54: AM

Expert Answer:

A = P[1+r/100]n = 2P
 
Now , [1 + r/100]3 = 2
 
so 1+r/100 = 21/3 = 1.26 ,
 
r = 26%

Answered by  | 29th Mar, 2012, 06:02: PM

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