Can you please solve the question below (chp-mathematics of finance): What annual rate of interest compounded annually doubles an investment in 7 years? Given that 2¹/⁷= 1.104090

Question

Cherryt_cosmos · Answer

yes thanks a lot 🙏

Sumit · Answer

The formula I mentioned above is of Amount mistakenly I wrote C.I. Please go through it once!

Sumit · Answer

Let initial principal be P and double of it be 2P Then C.I. = P [1+ r/100]^t 2P = P[ 1+ r/100] ^7 2^⅐ = 1+ r/100 As per question.. 1.104090 = 1+ r/100 0.104090 *100 = rate of interest i.e. R = 10.4%

Can you please solve the question below (chp-mathematics of finance): What annual rate of interest compounded annually doubles an investment in 7 years? Given that 2¹/⁷= 1.104090

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