A sum is invested at simple interest. If the sum ibecomes k times itself in 16 years
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At what rate of percent per annum will simple interest on a sum triple itself in 16 years? dear user this should be he question like
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And here will be the answer the answer for it
sum tripled in 16 years then,
time (T)= 16 years
Amount (A) = 3 * Principal (P)
As we know
Interest(I)=Amount - Principal
I=2*p
we know that
I = P*R*T/100
So, 2*P =P*R*16/100
R= 12.5%
So rate of percentage per annum must be 12.5% to triple the sum
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