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If a sum of money itself tribels in 8.4 years so what will be the interest rate??
Answers (19)
sai t
A=p(1+i) whole power n Apply above formulae you will get answer
I didn't get the a answer, can you please do that
Thread Starter
Manohara M KThank you
The question is not complete - whether it is simple interest or compound interest & if compounding what type of compounding - if nothing is mentioned we assume simple interest and if just compounding is mentioned we assume annual compounding. If it is simple interest answer can be easily found out . Let the sum be P Then 3p = P + (P x i% x 8.4/100) Solving for this p = 23.8%. If it is compound interest the 3P = P x ( 1+i) power 8.4 in which case answer is 14%
Sriram Somayajula Admin
The question is not complete - whether it is simple interest or compound interest & if compounding what type of compounding - if nothing is mentioned we assume simple interest and if just compounding is mentioned we assume annual compounding. If it is simple interest answer can be easily found out . Let the sum be P Then 3p = P + (P x i% x 8.4/100) Solving for this p = 23.8%. If it is compound interest the 3P = P x ( 1+i) power 8.4 in which case answer is 14%
Sir but when I apply compound interet I got interest as 44.2%
Sriram Somayajula Admin
The question is not complete - whether it is simple interest or compound interest & if compounding what type of compounding - if nothing is mentioned we assume simple interest and if just compounding is mentioned we assume annual compounding. If it is simple interest answer can be easily found out . Let the sum be P Then 3p = P + (P x i% x 8.4/100) Solving for this p = 23.8%. If it is compound interest the 3P = P x ( 1+i) power 8.4 in which case answer is 14%
Sir please share the working if it is done with compound interest.
sai t
Sir below is working note
The working is incorrect - power should be 8.4 and not 3 The equation is p x (1+i) power 8.4 = 3p
Sriram Somayajula Admin
The working is incorrect - power should be 8.4 and not 3 The equation is p x (1+i) power 8.4 = 3p
In the exam you will get 4 options, substitute the options in the equation and which ever is closest you can mark the answer - finding out 8.4 th root cannot be done on normal calculator
Sriram Somayajula Admin
In the exam you will get 4 options, substitute the options in the equation and which ever is closest you can mark the answer - finding out 8.4 th root cannot be done on normal calculator
Sir I have converted 8 years 4 months in non decimal digit sir Ie 8*4/12 =2.66 =~ 3 sir
sai t
Sir I have converted 8 years 4 months in non decimal digit sir Ie 8*4/12 =2.66 =~ 3 sir
that is 8 years plus (0.4 x 12 ) = 8 years 5 months
Sriram Somayajula Admin
that is 8 years plus (0.4 x 12 ) = 8 years 5 months
Sir I have a small doubt when to plus and why to multiply wit 12 sir??
Sriram Somayajula Admin
8.4 years = 8 years + 0.4 years i.e 8 years + 0.4 x 12months = 8 years 5 months
Thank you sir Sir is this type of questions will be asked in exam ?? Because the power will be in decimals so it is impossible to get value using normal calculator
sai t
Thank you sir Sir is this type of questions will be asked in exam ?? Because the power will be in decimals so it is impossible to get value using normal calculator
If they ask, you must use substitution of available choices method to arrive at the answer
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