Determine the compound interest rate at which an amount becomes tripled in 5 years? 30.25% 12.5%...

Determine the compound interest rate at which an amount becomes tripled in 5 years? 30.25% 12.5% 24.5% 20.25%

Solutions

Expert Solution

Ans: 24.5%

Calculation is as follow:

To find compounded interest rate:

Here, Amount A = 3P & n = 5, put these values in above equation,

R = 24.57%

Rahul Sunny answered 2 years ago

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