At what rate per annum on simple interest will a sum of money triple itself in 10 years?
At what rate per annum on simple interest will a sum of money triple itself in 10 years?
1). 20%
2). 17%
3). 22%
4). 15%
1 answers
Formula for Simple Interest :
$(SI = \frac{{P \times R \times T}}{{100}})$
Where,
P = Principal
R = Rate of interest
T = Time period
Let the required rate of interest be X.
According to the question, SI must be equal to 2 × P in order to make the final sum three times the original principal amount after 10 year.
$(\begin{array}{l} \Rightarrow 2{\rm{P}} = {\rm{\;}}\frac{{{\rm{P\;}} \times {\rm{X\;}} \times 10}}{{100}}\\ \Rightarrow 2 = {\rm{\;}}\frac{{\rm{X}}}{{10}} \end{array})$
⇒ X = 20%
∴ Required rate of interest is of 20%.Other Questions
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