Question

a sum of money triples itself in 8 years what is the rate of interest​

Answer 1

Answer

Simple interest (SI)

Here, = P x R x T ÷100

Let Principal amount (P) = x

Time (T) = 8 years

Amount at end of 8 years = 3x

SI = 3x-x

= 2x

Rate (R) = SI ×100 ÷P×T

=2x × 100 ÷x × 8

= 25%

∴ Rate of interest = 25%.