Question

A sum of money invested at a certain rate doubles itself in 10 years How much time it will take to triple itself at the same rate

Answer 1

Answer:

20 years

Step-by-step explanation:

Let P = 100 than amount = 200

Given:

Time = 10 years

We know that

Amount = Principal + Interest

200 = 100 + Interest

I = 200 - 100

I = 100

$I = \frac {P \times R \times T }{100}$

$100 = \frac {100 \times R \times 10}{100}$

R = 10%

If amount will be triple of principal than we have

P = 100, A = 300, R = 10%  T  = ?

Amount = Principal + Interest

300 = 100 + I

I = 300 - 100

I = 200

$I = \frac {P \times R \times T }{100}$

$200 = \frac {100 \times 10 \times T}{100}$

T = 20 years