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Correct Answer:
Description for Correct answer:
Let principal = 1 unit \( \Large \therefore Amount = 1 \times 8 \) = 8 units According to the question,
Required Rate %=\( \Large \frac{1}{1} \times 100 \)=100 %
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A sum of money becomes eight times of itself in 3 years at compound interest. The rate of interest per annum is
Let the principal be P and the rate of compound interest be r% per annum. Then,According to question ,
| 8P = P | 1 + | r | 3 | ||
| 100 |
| ⇒ 8 = | 1 + | r | 3 | ⇒ 23 = | 1 + | r | 3 | ||||
| 100 | 100 |
We can find required answer with the help of given formula :Here, n = 8, t = 3 years.
R% = (n1/t − 1) × 100%
R% = [(8)1/3 − 1] × 100%
R% = [(23)1/3 − 1] × 100%
∴ R% = 100%