At what rate per cent per annum will a sum triple itself in 15 years?
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Answered by
1
Let the principle be x.............time is 15 years............let SI be (3x-x).......so rate=(3x-x)×100/15×x.........= 6.66 %......
Answered by
3
Principal amount = P
Simple interest case:
Sum after 15 years = P (1 + 15 r ) = 3 P
=> 1 + 15 r = 3 => r = 2/15 or 200/15 % = 13.33 %
Compound interest case:
sum after 15 years = P ( 1 + r )^15 = 3 P
=> (1 + r )^15 = 3 1 + r = 3^1/15 = 1.076
=> r = 0.076 = 7.6 %
Simple interest case:
Sum after 15 years = P (1 + 15 r ) = 3 P
=> 1 + 15 r = 3 => r = 2/15 or 200/15 % = 13.33 %
Compound interest case:
sum after 15 years = P ( 1 + r )^15 = 3 P
=> (1 + r )^15 = 3 1 + r = 3^1/15 = 1.076
=> r = 0.076 = 7.6 %
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