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

Practice Questions

1 question
Q1
A sum of money invested at a certain rate of compound interest 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 invested at a certain rate of compound interest becomes three times in 10 years. What is the rate of interest?
Solution: Using the formula for compound interest, A = P(1 + r)^t. If A = 3P, then 3 = (1 + r)^10. Solving for r gives approximately 15%.
Steps: 0

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