Determine the rate of interest for a sum that becomes times of itself in years, compounded semi-annually.

Question

KnowledgeBoat · Accepted Answer

Let rate of interest per annum be r% per annum, i.e. % half-yearly. n = years or 3 half-years. A = Let principal be P, ∴ A = . Putting values in formula we get, Taking cube root on both sides, Hence, rate of interest = 40% per annum.

Mathematics

Determine the rate of interest for a sum that becomes times of itself in years, compounded semi-annually.

Compound Interest

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