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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