A sum of money triples itself, the rate of simple interest being 5% pe

1.	A sum of money triples itself, the rate of simple interest being 5% per annum. What is the time period ? 1. 40 Years2. 30 Years3. 20 Years4. 60 Years
Answer» Correct Answer - Option 1 : 40 Years Given: Sum of Money becomes 3 times Rate of simple interest = 5% per annum Formula Used; Simple interest = (Principal × rate × time)/100 Amount = Principal + Simple interest Calculation: Let the principal be Rs A Then after tripling Amount will become 3A Simple interest = 3A - A = 2A 2A = (A × 5 × time)/100 ⇒ Time = (2A × 100)/(A × 5) = 40 years ∴ The Time period is 40 years.

A sum of money triples itself, the rate of simple interest being 5% per annum. What is the time period ? 1. 40 Years2. 30 Years3. 20 Years4. 60 Years

Answer» Correct Answer - Option 1 : 40 Years

Given:

Sum of Money becomes 3 times

Rate of simple interest = 5% per annum

Formula Used;

Simple interest = (Principal × rate × time)/100

Amount = Principal + Simple interest

Calculation:

Let the principal be Rs A

Then after tripling Amount will become 3A

Simple interest = 3A - A = 2A

2A = (A × 5 × time)/100

⇒ Time = (2A × 100)/(A × 5) = 40 years

∴ The Time period is 40 years.

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A sum of money triples itself, the rate of simple interest being 5% per annum. What is the time period ? 1. 40 Years2. 30 Years3. 20 Years4. 60 Years

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