Question

At what rate percent per annum will a sum of money triple itself in 8 years?

Answer 1

Answer:

25% is the rate of interest when principal amount triples in 8 years.

Formula: Interest = PNR

100

where P – principal, N – number of years, R – rate of interest.

Given the money triples itself = 3P.

Solution:

Hence the original interest of money we get = 3P – P = 2P.

Simple Interest = PNR

100

2P = P × 8 × R

100

2P = P × 2 × R

25

25 = P × 2 × R

2 × P

R = 25

The rate of interest is 25% where the principal amount triples itself.

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