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A sum of money doubles itself in 10 years at compound interest. What is the rate
A sum of money doubles itself in 10 years at compound interest. What is the rate of interest?
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Practice Questions
1 question
Q1
A sum of money doubles itself in 10 years at compound interest. What is the rate of interest?
7.2%
10%
5%
12%
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Using the Rule of 72, Rate = 72/10 = 7.2%
Questions & Step-by-step Solutions
1 item
Q
Q: A sum of money doubles itself in 10 years at compound interest. What is the rate of interest?
Solution:
Using the Rule of 72, Rate = 72/10 = 7.2%
Steps: 7
Show Steps
Step 1: Understand that the problem is about compound interest, where money grows over time.
Step 2: Know that the money doubles in 10 years.
Step 3: Use the Rule of 72, which is a quick way to estimate the interest rate needed to double your money.
Step 4: The Rule of 72 states that you divide 72 by the number of years it takes to double your money.
Step 5: In this case, divide 72 by 10 (the number of years).
Step 6: Calculate 72 / 10 = 7.2.
Step 7: Conclude that the rate of interest is approximately 7.2%.
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