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ICSE Class 10 Answered

find the rate at which a sum will double itself in three years if the interest is calculatad anually.
Asked by muskangupta6162 | 13 Mar, 2016, 07:24: PM
answered-by-expert Expert Answer
begin mathsize 14px style A s s u m i n g space t h e space i n t e r e s t space i s space c o m p o u n d space i n t e r e s t comma L e t space P space b e space t h e space p r i n c i p a l comma space R space t h e space r a t e space o f space i n t e r e s t space a n d space N space b e space t h e space n u m b e r space o f space t e r m s F o r m u l a space f o r space c a l c u l a t i n g space A m o u n t space f o r space c o m p o u n d space i n t e r e s t A m o u n t space equals P open parentheses 1 plus R over 100 close parentheses to the power of N therefore 2 P space equals P open parentheses 1 plus R over 100 close parentheses cubed space space space... g i v e n open parentheses because A m o u n t space i s space d o u b l e space t h e space p r i n c i p a l close parentheses therefore 2 equals open parentheses 1 plus R over 100 close parentheses cubed therefore 1 plus R over 100 equals cube root of 2 almost equal to 1.26 therefore R space almost equal to space 26 percent sign H e n c e comma space t h e space r a t e space o f space i n t e r e s t space almost equal to 26 percent sign end style
Answered by Priti Shah | 14 Mar, 2016, 01:12: PM
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