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A sum of money is invested at a certain rate of compound interest. If the amount becomes three times in 10 years, what is the rate of interest?

Practice Questions

1 question
Q1
A sum of money is invested at a certain rate of compound interest. If the amount becomes three times in 10 years, what is the rate of interest?
  1. 10%
  2. 15%
  3. 20%
  4. 25%

Questions & Step-by-step Solutions

1 item
Q
Q: A sum of money is invested at a certain rate of compound interest. If the amount becomes three times in 10 years, what is the rate of interest?
Solution: Using the formula A = P(1 + r)^t, where A = 3P, t = 10. Solving for r gives r = (3^(1/10)) - 1, which approximates to 15%.
Steps: 0

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