Question

A certain sum of money doubles itself in 6 years. In how many years will it be three times at the same rate of simple interest?

Please answer step-by-step and answer only if you know it. Not "Sorry I don't know the answer".

Answer 1

Step-by-step explanation:

Here, let the principal be p

and the rate of interest is r

therefore, according to the equestion,

if the principal double itself in 6 years by the rate of interest r.

then,

$p \times \frac{r}{100} \times 6 = (2p - p)$

$or \: \: r \: = \: \frac{100}{6}$

then, the required time (t) to make the principal three times at the same rate of interest is

$p \times \frac{100}{6 \times 100} \times t \: = \: (3p - p)$

$or \: \: p \times \frac{1}{6} \times t \: = \: 2p$

$or \: \: t = 2 \times 6$

$or \: \: t = 12 \: years$