Question

Approximately how many years will a certain sum of money triples itself at 22% simple interest

Answer 1

SI = 2P

2P = P×T×22/100

T = 100/11 ~ 9years

Answer 2

Answer:

9.09 years

Step-by-step explanation:

Principal = P

We are given that amount should be triples itself

So, Amount = 3P

Amount = Principal +Simple Interest

3P = P + S.I.

2P=S.I.

So, Formula of S.I. = $\frac{P\times R \times T }{100}$

P = Principal

R = Rate of interest

T - Time

So,  $2P=\frac{P\times 22 \times T }{100}$

 $\frac{2P \times 100}{P \times 22}=T$

 $\frac{100}{ 11}=T$

$9.09=T$

Hence it will take 9.09 years for sum of money triples itself at 22% simple interest