A sum of money becomes 8 times of itself in 3 years. What is the rate of interest?

Question

A sum of money becomes 8 times of itself in 3 years.
What is the rate of interest?

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Julia 1 month 2021-08-13T13:57:47+00:00 2 Answers 0 views 0

Answers ( )

  1. Emma
    0
    2021-08-13T13:58:58+00:00

    Answer:

    Let the principal be P and the rate of compound interest be r% per annum. Then,

    According to question ,

    8P = P1 +r3100

    ⇒  8 =1 +r3⇒ 23 =1 +r3100100

    ⇒  2 = 1 +r100

    ⇒ r= 1 ⇒ r = 100%100

    We can find required answer with the help of given formula :

    Here, n = 8, t = 3 years.

    R% = (n1/t − 1) × 100%

    R% = [(8)1/3 − 1] × 100%

    R% = [(23)1/3 − 1] × 100%

    ∴ R% = 100%

    Step-by-step explanation:

    Please mark me as brainliest

    Thanks❤

    0
    2021-08-13T13:59:27+00:00

    Answer:

    the above answer is correct

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