C. Calculate the number of years for which Rs 5000 becomes triple having the rate of S.
of 6% per annum.
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Step-by-step explanation:
Quantitative Aptitude ≫ Interest ≫ Simple Interest
Question:
Number of years in which a sum of money triples itself when the rate of interest being 5% is
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Options:
20
30
10
40
Correct Answer: Option 4 (Solution Below)
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Solution:
Given:
The sum of money triples itself.
Rate of interest = 5%
Concept used:
Simple interest = PRT/100
Amount = SI + P
P → principal R → rate of interest T → time
Calculation:
Amount = 3P
Simple interest = 3P - P = 2P
2P = P × 5 × T/100
T = 200/5 = 40 years
∴ The number of years by which a sum will triple itself at 5% p.a is 40 years.
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