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Asked by kumar

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

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

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