At what rate a sum of money treble itself after 15 years?
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Answered by
0
Answer:
But there is no rate to do a sum.
Answered by
1
Answer:
well....it is not mentioned whether interest is to be calculated at fixed principal i.e. simple interest or compound interest. If it was compound interest, I would have to use either calculator or logarithmic table (or both I guess). since it is not given, I would assume it to be simple interest (for my convinience ofcourse).
so, let
principal = P
rate of interest = R
time = 15 years
Amount = 3P (money would be tripled or trebled)
interest = A - P
= 3P - P
= 2P
now
simple interest = PTR/100
P*15*R/100 = 2P
15R = 200
R = 200/15
= 40/3
1
= 13 -----. %
3
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