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Fractions and Ratios

At what rate ...

Question

At what rate percent per annum will a sum of money triple itself in 10 years?

A

10%

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B

20%

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C

40%

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D

8%

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Solution

The correct option is B
20%

$2 P = P \times R \times \frac{10}{100}$

$\Rightarrow R = 20 %$

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