Question

A sum of money lent out at simple interest double itself in 8 years. Find: i) the rate of interest ii) in how many years will the sum become triple of itself at the same rate of interest

Answer 1

Answer:

Step-by-step explanation:

(i)

Let the sum be x

amount = 2x

SI=2x-x

=》x

Since,

SI=(P*R*T)/100

Rate=(SI*100)/(P*T)

R=(x*100)/(x*8)

R=100/8

R=12.5

(ii)Amount=3x

SI=2x

Since,

SI=(p*r*t)/100

Therefore,

T=(SI*100)/(P*R)

T=(2x*100)/(x*12.5)

T=16 years