Answer:
25.75 % interest rate
Step-by-step explanation:
Given:
Amount was invested = r% per quarter
Amount invested = P
Rate of interest = r % per quarter
Time (n) = 4 Quarters
Computation:
A = P(1 + r/100)ⁿ
According to question.
⇒ A = P + 1.5P = 2.5P
⇒ 2.5P = P(1 + r/100)⁴
⇒ 2.5 = (1 + r/100)⁴
⇒ 1 + r/100 = 1.2575
⇒ r/100 = 0.2575
⇒ r = 25.75
25.75 % interest rate
