Question

A sum of money, lent out at simple interest,
doubles itself in 8 years. Find:
(i) the rate of interest.
(ii) in how many years will the sum become
triple (three times) of itself at the same rate
percent?​

Answer 1

Answer:

the rate of interest 12.5 %

the time required for triple the sum = 16 years

Step-by-step explanation:

Suppose the sum of money lent be 100

let the rate of interest x %

so interest in 8 years = 8x =100

So x = 100 ÷ 8

= 12.5 %

For the sum become 3 times the interest accrued must be equal to 200

so the time required for this

= 200 ÷ 12.5

= 16 years