Question

In what time would a sum of money amount to three times itself at 15% per annum simple interest?

Answer 1

Answer:

13Y and 4 months.

Step-by-step explanation:

The formula for simple interest calculation is -

I = P*R*T/100

Where I is interest

P is principal amount

R is rate of interest

T is time in Years.

Now you want to triple the money. That means I = 2P

Hence 2P = P*R*T/100

2*100 = 15*T

Hence T = 200/15 = 13.33Y or 13Y and 4 months.

So the answer for your question is 13Y and 4 months.

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