Question

At what rate percent per annum simple interest, will a sum of money triple itself in 25 years?

Answer 1

Let principle be P

Given,
n = 25 years, A = 3P

A = P + Pnr/ 100
3P = P + [P(25)r]/ 100
3P = P[ 1+ 25r/100]
3 = (100 + 25r) / 100
300 = 100 + 25r
25r = 200
r = 8

Thus rate percent = 8%

Answer 2

Step-by-step explanation:

8% a correct answer

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