How long will it take a certain sum of money to triple itself at 8% simple interest?
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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
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