A sum of money becomes triple of itself in 10 years at the rate of sim

1.	A sum of money becomes triple of itself in 10 years at the rate of simple interest, find the annual rate of interest.A. 5%B. 8%C. 10%D. 20%1. D2. B3. C4. A
Answer» Correct Answer - Option 1 : D Given: Time = 10 years Money triple in 10 years. Formula used: Simple interest = (P × R × T)/100 Where P → Principal T → Time R → Rate Calculation: Let the principal be 'x'. So, Amount = 3x Simple interest = 2x Simple interest = (P × R × T)/100 ⇒ 2x = (x × R × 10)/100 ⇒ R = (2 × 100)/10 ⇒ R = 20% ∴ The annual rate of interest is 20%.

A sum of money becomes triple of itself in 10 years at the rate of simple interest, find the annual rate of interest.A. 5%B. 8%C. 10%D. 20%1. D2. B3. C4. A

Answer» Correct Answer - Option 1 : D

Given:

Time = 10 years

Money triple in 10 years.

Formula used:

Simple interest = (P × R × T)/100

Where P → Principal

T → Time

R → Rate

Calculation:

Let the principal be 'x'.

So, Amount = 3x

Simple interest = 2x

Simple interest = (P × R × T)/100

⇒ 2x = (x × R × 10)/100

⇒ R = (2 × 100)/10

⇒ R = 20%

∴ The annual rate of interest is 20%.

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A sum of money becomes triple of itself in 10 years at the rate of simple interest, find the annual rate of interest.A. 5%B. 8%C. 10%D. 20%1. D2. B3. C4. A

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