Question

In how many years will a sum of money triple itself if the rate of interest is 30%?


Give answer with step-by-step explanation.​

Answer 1

Answer:

• The sum of money triple itself in $\sf\frac{20}{3}$years

Given:

• The sum of money triple itself.
• Rate of Interest is 30%.

To Find:

• In how many years the sum of money triple itself =?

Solution:

Step by step explanation:-

From the question,Amount is triple itself if the rate of interest is 30% and principal is remain same.

So,firstly we need to find Simple Interest.

Let the Principal be x.

Let the Amount be 3x.

As we know that,

$\large\sf\purple{S.I=Amount - Principal}$

Now, put the values on their right place.

S.I = A - P

S.I = 3x -x

S.I = 2x

After finding Simple Interest now we have to find Time and here Rate of interest is given 30%.

$\sf \implies \: time = \frac{simple \: interest \times 100}{principal \times rate}$

Now, substitute the values at their places.

$\sf time = \frac{ 2x \times 100}{x \times 30} \\ \\ \sf \: time = \frac{20}{3} years$

Hence, Time = $\sf\frac{20}{3}$years.