Question

At how much rate of interest would a sum becomes three times of the principal in 10 years?

Answer 1

Answer:

we know that

1. Simpe interest =(principal×rate×time)÷100

let ,we take

principal =p

then according to question

amount=3p

• simple interest = amount-principal

simple interest=3p-p=2p

• putting the value in point 1
• 2p=(p×r×10)÷100

bring 100 to l.h.s , and cancelling p from both sides

2×100=r×10

r=200÷10

r=20

rate of interest is 20%