Question

at what rate the sum of money will become 3 times the principal in 10 years​

Answer 1

Answer:

The formula of simple interest is as below.

I = P*R*T÷100

Where I is interest.

P is Principle amount

R is rate of interest

T is time in years.

From your question, money becomes 3 times, it means, interest itself is Twice of P here. So,

2P = P*R*20/100

Hence R = 2P*100/20P = 10%

Now making your money double needs only 10Y.