Question

An investment triples itself in $30$ years. The rate of simple interest is

• A. $6\%$
• B. $6\frac{2}{3}\%$
• C. $7\frac{1}{3}\%$
• D. $10\%$

Answer 1

Answer: (B)

$6\frac{2}{3}\%$

Let the principal $=$ Rs. $x$, Amount $=$ Rs. $3x$, Time $=30$ years
$\therefore$ S.I. $=$ Rs. $3x-$ Rs. $x=$ Rs. $2x$
Rate $=\left(\begin{array}{c}\frac{2x\times 100}{x\times 30}\end{array}\right)\%$ p.a. $=\frac{20}{3}\%$ p.a.
$=6\frac{2}{3}\%$ p.a.