At what rate of compound interest of certain sum of money becomes 27 times of itself in 3 years?

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Solution

Let, Principal amount be P.Rate of interest be R per annum. (adsbygoogle = window.adsbygoogle || []).push({}); Time of investment is (T)=12 years.Sum of the money becomes three times in 12 years.⇒A=3P.⇒A=P+(P×T×R100)⇒3P=P(1+T×R100) (adsbygoogle = window.adsbygoogle || []).push({}); ⇒3=1+12×R100⇒3−1=12R100⇒2=3R25⇒50=3R⇒503=R (adsbygoogle = window.adsbygoogle || []).push({}); Now, we need to find the number of years T such that, Sum of the money becomes five times.⇒5P=P(1+T×R100)⇒5=1+T×503×100⇒5−1=T×13×2⇒4=T6 (adsbygoogle = window.adsbygoogle || []).push({}); ⇒24=Twill it become 5 times at the same rate of simple interest 24 years.

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