If money triples in 6 years,what rate of interest,j₂,is being earned? A)9.6% B)10.0% C)19.2% D)20.1%

Question

Quizplus · Accepted Answer

To find the rate of interest, we can use the formula:

Amount = Principal x (1 + (rate/100))^time

Let's assume the principal is 1.

After 6 years, the amount would be 3.

So,

3 = 1 x (1 + (rate/100))^6

Taking the sixth root on both sides:

1 + (rate/100) = 3^(1/6)

rate/100 = 1.192

rate = 119.2%

Therefore, the rate of interest being earned is 19.2%.

The answer is (C).

If Money Triples in 6 Years,what Rate of Interest,j2,is Being