Question
At what rate percent per annum of compound interest, will a sum of money become four times of itself in two years ?
Answer: Option B
Answer: (b)A = P$(1 + R/100)^T$4 = $(1 + R/100)^2$1 + $R/100$ = 2$R/100$ = 1 ⇒ R = 100%Using Rule 8,Here, n = 4, t = 2 yearsR% = $(n^{1/t} - 1)$ × 100%= $((4)^{1/2} - 1)$ × 100% = 100%
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Answer: (b)A = P$(1 + R/100)^T$4 = $(1 + R/100)^2$1 + $R/100$ = 2$R/100$ = 1 ⇒ R = 100%Using Rule 8,Here, n = 4, t = 2 yearsR% = $(n^{1/t} - 1)$ × 100%= $((4)^{1/2} - 1)$ × 100% = 100%
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