Question

A sum of money triples in a year, find the simple rate of interest per annum.

Answer 1

let principal be x
Amount = 3 x
Simple interest = 3x- x = 2x
Time = 1 year
SI = P * R *T /100
2x = x * R * 1 / 100
2x = Rx / 100
2x / x = R / 100
2 = R/ 100
200 = R
Rate = 200%