Question

How long will it take a certain sum of money to triple itself at 13 1/3% per annum simple interest?​

Answer 1

Answer:

Let the sum of money be x

Amount = 3 × Rs x

= Rs 3x

Interest = Amount – Principal

= Rs 3x – Rs x

= Rs 2x

Rate =

13

3

1

% p.a.

= 40 / 3 % p.a.

Time (T) = (I × 100) / (P × R)

= (2x × 100) / x × (40 / 3) years

On further calculation, we get,

= (2 × 100 × 3) / 40 years

= (100 × 3) / 20 years

We get,

= 5 × 3 years

= 15 years