Question

in what time will a sum of money triple itself at 16%p.a simple interest

Answer 1

hey there !!

we have to apply simple interest formula

sum of money= p(1+rt) => p + prt

therefore ,,

t = s-p/pr

given,

sum of money = 3p and rate = 16% p.a. , i.e = .16

now ,

t = s-p/pr

=> t = 3p-p/.16p

=> t = 2p/.16p = 1/.16 = 12.5 years .

hence the time taken to triple the sum of money will be 12.5 years.

hope it helps !!

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