Simple interest is 3 times a real 15 years, how many times will it be 3 times a year?
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Answer:
7 times..................
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Simple interest is 3 times a real in 15 years, So, 10 times it will be 3 times a year.
Explanation:
Formula: simple interest, I = (P × R × T) ÷ 100
Where I is interest.
P is Principle amount
R is rate of interest
T is time in years.
From your question, money is three times, which means the value itself is Twice of P.
So, 2P = (P × R × 20) ÷ 100
Hence R = (2P × 100) ÷ 20P = 10%
Therefore, you just need 10 years to make your money double.
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