Question

17. A sum of money triples itself in 18 years under simple interest. what is the rate of interest per annum?
(a) 9%
(b) 9.09%
(C) 11.11 %
(d) 13%
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Answer 1

Answer:

Rate of interest = 11.11%

Step-by-step explanation:

To triple Rs.1000 should earn Rs.2000 interest

we know Simple Interest = P *R/100 * t

2000 = 1000 * r/100 * 18

Now r = (2000 * 100)/(1000 * 18)

r = 200/18 = 11.11%