1. **State the problem:** Hitanshi invests an amount at an annual compound interest rate of $x\%$. After 11 years, the investment doubles in value.
2. **Formula for compound interest:** The amount $A$ after $t$ years is given by
$$A = P\left(1 + \frac{r}{100}\right)^t$$
where $P$ is the principal, $r$ is the annual interest rate in percent, and $t$ is the time in years.
3. **Given:** The amount doubles, so $A = 2P$, and $t = 11$ years.
4. **Set up the equation:**
$$2P = P\left(1 + \frac{x}{100}\right)^{11}$$
5. **Divide both sides by $P$ (assuming $P \neq 0$):**
$$\cancel{P} \times 2 = \cancel{P} \times \left(1 + \frac{x}{100}\right)^{11} \implies 2 = \left(1 + \frac{x}{100}\right)^{11}$$
6. **Take the 11th root of both sides:**
$$2^{\frac{1}{11}} = 1 + \frac{x}{100}$$
7. **Isolate $x$:**
$$\frac{x}{100} = 2^{\frac{1}{11}} - 1$$
8. **Calculate $2^{\frac{1}{11}}$:**
$$2^{\frac{1}{11}} \approx 1.065$$
9. **Find $x$:**
$$x = 100 \times (1.065 - 1) = 100 \times 0.065 = 6.5$$
**Final answer:** The annual compound interest rate $x$ is approximately **6.5\%**.
Compound Interest Rate 475Fe4
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