Question

How much money will be thrice by the rate of 5% interest

Answer 1

2.8571428 rs would become thrice by 5%

Answer 2

Solution :

Let the principal = p

Amount (A) = 3p

Rate of interest (r) = 5%

Let the time = t years

p( 1 + tr/100 ) = A

=> p[ 1 + ( t × 5 )/100 ] = 3p

=> 1 + t/20 = 3p/p

=> t/20 = 3 - 1

=> t/20 = 2

=> t = 40 years

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