Per annum

At a certain time, a sum becomes 4 times at the rate of 5% per annum. At what rate of simple interest the same sum becomes 8 times in the same duration

Correct answer:

P2 =  7.59 %

Step-by-step explanation:

r1=4 r2=8 p1=5%=1005=201=0.05  r1 = (1+p1)t  tln(1+p1)=ln(r1)=ln41.3863  t=ln(1+p1)ln(r1)=ln(1+0.05)ln428.4134  r2 = (1+p2)t  p2=r21/t1=81/28.413410.0759  P2=100 p2=100 0.0759=7.59%



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