At what rate of interest is an amount doubled in two years, when compounded annually? Options: A . &nbsp30% B . &nbsp41.4% C . &nbsp45.2% D . &nbsp73.2% E . &nbspNone of these

At what rate of interest is an amount doubled in two years, when compounded ann

Question

At what rate of interest is an amount doubled in two years, when compounded annually?

Answer: Option B

Let the rate of interest be r.
The amount gets doubled in two years
=> P(1 + r/100)² = 2p => 1 + r/100 = √2
=> r/100 = √2 - 1 = 0.414 => r = 100(0.414)
= 41.4%

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