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Find the rate per annum at which a certain amount of money triples after being invested for a period of 5 years compounded annually.

Answers

Amount after 5 years = sh. 3P
3P = P(1 + r/100)^5
3 = (1 + r/100)^5
Taking the 5th root of both sides
1.25 =1 +r/100
25% = r

joseph rimiru answered the question on November 16, 2017 at 19:09

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