If a sum of money becomes 3 times of itself in 18 years at simple inte

1.	If a sum of money becomes 3 times of itself in 18 years at simple interest, then calculate the rate percent per annum charged by the financer?1). 16.66%2). 18.5%3). 11.11%4). 22.22%
Answer» Let principal amount be Rs. P Thus, SIMPLE INTEREST charged = 3P – P = Rs. 2P Simple interest = (Principal × Rate × Time)/100 ⇒ 2P = (P × Rate × 18)/100 ⇒ Rate = (200/18) = 11.11% ∴ Rate% = 11.11%

If a sum of money becomes 3 times of itself in 18 years at simple interest, then calculate the rate percent per annum charged by the financer?1). 16.66%2). 18.5%3). 11.11%4). 22.22%

Answer»

Let principal amount be Rs. P

Thus, SIMPLE INTEREST charged = 3P – P = Rs. 2P

Simple interest = (Principal × Rate × Time)/100

⇒ 2P = (P × Rate × 18)/100

⇒ Rate = (200/18) = 11.11%

∴ Rate% = 11.11%

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If a sum of money becomes 3 times of itself in 18 years at simple interest, then calculate the rate percent per annum charged by the financer?1). 16.66%2). 18.5%3). 11.11%4). 22.22%

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