Find the area of the shape NO EXPLANATION JUST ANSWER
2 answers:
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Answer:
Rate=9.05%
Step-by-step explanation:
Let P represent the Principal ,t the time = 8 years and r be the rate of interest.
It is given money doubles in 8 years so A=2P.
The compound interest is given by the formula :
Substituting the values we have:
Dividing both sides by P :
1.0905-1=r
r=0.09050
r=9.05%