At what rate per cent compound interest, does a sum of money become 1.44 times of itself in 2 years ?
A=P(1+r100)n1.44p=p(r100)2√1.44=(r100)1.2=1+r1001.2−1=r1000.2×100=rr=20%
A sum of money, lent out at simple interest, doubles itself in 8 years. Find: (i) the rate of interest (ii) in how many years will the sum become triple (three times) of itself at the same rate per cent?