Question

How long will it take for an amount to become triple of itself at 20% p.a. simple interest.

Answer 1

Answer:

Step-by-step explanation:

The formula for simple interest calculation is -

I = P*R*T/100

Where I is interest

P is principal amount

R is rate of interest

T is time in Years.

Now you want to triple the money. That means I = 2P

Hence 2P = P*R*T/100

2*100 = 20*T

Hence T = 200/20 = 10 years

So the answer for your question is 13Y and 4 months.

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