(9) A sum of money triples itself in 20 years.
What is the rate of interest (Hint:
Principal = P then Interest = 2P so that
amount=P+2P=3P, i.e. the sum triples)
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Answer:
10% = Rate
Step-by-step explanation:
time = 20 years
principal = P
interest = 2P
rate = R
therefore, 2P = p * r * 20 / 100
= p * r * 1 / 5
10P = P * R
10P / p = R
Therefore 10 = R
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