Question

In what time will a sum of money triple itself at the rate of 16%pa?

please solve and answer

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Answer 1

Answer:

simple interest formula is

S= P (1+ i n) = P + inP

In this problem the unknown is n

Solving the above for n

n = (S - P) / (P i)

Given:

S=3P

i = 16% = .16

then

n = (3P - P) / (P .16) = 2 /.16 = 12.5

Hope it helps..