Question

Rajeev deposits some money in ICICI Bank which follows the simple interest scheme. His money triples in eight years. What was the rate of interest?

Answer 1

Answer:

R=25 % pa

Step-by-step explanation:

Let P=100x and rate=R

I in 8 yrs

I=100x*R*8/100=8Rx

Money get triplets so I=2*100x=200x

So 8Rx=200x

R=200/8=25