Title Builder Beta See instructions

Welcome to Title Builder Beta.

This small piece of kit is designed to make building your Quiz, Crossword or Puzzle question more effective. It should make finding your question easier for others and, the easier it is to find, the more likely someone is to answer it!

To build an easy to find question title simply select the paper and quiz, enter the quiz number if relevant and fill in the Publication Date. Once you’re happy click “Build Title” and the information should populate the Title field. Fill in the final required details of your question as you normally would, and click submit.

As this is a Beta we only have a limited number of papers and quizzes listed. If you think your favourite Quiz, Crossword or Puzzle should be listed here don’t hesitate to contact us.

Remember: You do not have to use the title builder - simply enter the title and question as you normally would and click submit!

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What is the method of working out interest?

kilkenny | 14:20 Tue 22nd Jun 2010 | Quizzes & Puzzles

5 Answers

I have £1000 and out it in the bank for six years. It doubles in value. How do I work out what the interest rate was?

Kilkenny

d/record

dm tuesday

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TOMMO33

Taking the rate of interest as annual, not monthly, the value is increased by the same percentage annually.
After 1 year it cecomes 1000 x some value A
After 2 years (1000 x A) x A = 1000A squared
After 6 years 1000 A to the sixth, which equals 2000.
So you need the sixth root of 2. Subtract 1 from it, and that should be the rate of interest. How you work out the sixth root of 2, I'll leave to you.
Forgive me if I'm wrong !!

buildersmate

If i = the interest rate.
(1+i)^^6 = 2
Now solve that equation for the value of i.
Does that help?

Oldred

6th root of 2 = 1.12246205

TOMMO33

Sorry. I should have added that the decimal you're left with after subtracting 1 has to be multiplied by 100 to get the percentage. It's likely to be in the region of 12%.

buildersmate

Oldred's done it for you - 12.24%

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