Question

The simple interest on a certain sum of money is 3/8 of the sum in 6 1/4 years. Find the rate percent charged.

Answer 1

Answer:

So the answer for your question is 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.