At what rate percent compound interest does a sum of money becomes 9 fold in two years?

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At what rate per cent compound interest, does a sum of money become 1.44 times of itself in 2 years ?

Solution

$A=P(1+\frac{r}{100}{)}^{n}1.44p=p(\frac{r}{100}{)}^2\sqrt{1.44}=\left(\frac{r}{100}\right)1.2=1+\frac{r}{100}1.2-1=\frac{r}{100}0.2\times 100=rr=20\%$

Mathematics

Concise Mathematics

Standard IX

Answer

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