Question

In what time will $2500 will treble itself if the rate of interest in 5%

Answer 1

principal= 2500
amount = 2500 × 3 = 7500
interest = amount - interest
= 7500 - 2500
= 5000
rate = 5%
therefore time = (interest × 100)/(principal × rate)
= (5000 × 100)/(2500 × 5)
= 2 × 20
= 40 years