Ask a New Question

Question

A sum of money becomes 3 times of itself in 20 years. Find its rate of interest?
8 years ago

Answers

Steve
if simple interest, then
1+20r = 2
r = 1/20 = 5%

if compound interest,
(1+r)^20 = 2
r = .035 = 3.5%
8 years ago

Related Questions

Alice has 4 times as much money as Benny. If Benny has $36 less than Alice, how much money do they h... ken has 4 times as much money as Jake. if Jake gave Ken £360 he would still have more money than Ken... Henry has 4 times as much money as David. David has 3 times as much money as Ryan. The total money o... Jay has 5 times as much money as Doug. Troy has 3 times as much money as Doug. If Jay has $45, how m... Robin had 4 times as much money as Shawn at first. After spending some money, Robin realized that Sh... 1 3/4 times Ben's money is equal to 1 2/5 times Jack's money. 1 2/3 times Andy's money is equal to 1... Ruby had 5 times as much money as Sally. Ruby spent $80 and Sally had 3/7 as much as Ruby in the end... Ruby had 5 times as much money as Sally. Ruby spent $80 and Sally had 3/7 as much as Ruby in the end... Tom had 4 times as much money as Mark at first. After Tom received $400 and Mark received $300, Tom... Jaxon had 3 times as much money as Camila. After Jaxon gave $285 to Camila, he had twice as much mon...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use