Respuesta :
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 :
[tex]A= P(1+r^{)t}[/tex]
Substituting the values we have:
[tex]2P=P( 1+r^){8}[/tex]
Dividing both sides by P :
[tex]2=(1+r)^{8}[/tex]
[tex]2^{\frac{1}{8} } =1+r[/tex]
1.0905-1=r
r=0.09050
r=9.05%
