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A certain sum becomes 3 fold at 4% annual rate of interest. At what rate, it will become 6 fold?

10%
12%
8%
9%

Correct Answer: 10%

Explanation:

Here, n = 3, m = 6, R₁ = 4%
∴ R₂ = [(m - 1)/(n - 1)] x R₁
= [(6 - 1)/(3 - 1)] x 4
=(5/2) x 4
= 10%

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