ICSE Class 7 Answered
In a saving scheme given by a bank, a sum of money can double in 8 years. What will be the rate of interest given by the bank?
Asked by faeemsheriff30 | 16 Jan, 2019, 07:20: PM
Expert Answer
If amount doubles for a principle p for 8 years with compound rate of intrest r% per year,
then we have 
.................(1)
.................(1)hence 
hence r = 9%
[ if calculator is not used to find 21/8 , it can be calculated by logarithm
log( 21/8 ) = (1/8) log2 = (1/8)×0.3010 = 0.0376
21/8 = antilog(0.0376 ) ≈ 1.09 ]
Answered by Thiyagarajan K | 17 Jan, 2019, 11:01: AM
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