At what rate per annum on simple interest will a sum of money triple i

1.	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%
Answer» 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%.

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%

Answer»

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%.

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