Asked by kumar
A sum of money becomes 3 times of itself in 20 years. Find its rate of interest?
Answers
Answered by
Steve
if simple interest, then
1+20r = 2
r = 1/20 = 5%
if compound interest,
(1+r)^20 = 2
r = .035 = 3.5%
1+20r = 2
r = 1/20 = 5%
if compound interest,
(1+r)^20 = 2
r = .035 = 3.5%
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.