Question

How long will it take a certain sum of money to triple itself at 40/3%per annum simple Interest ?

Answer 1

Let the principal ( P ) = Rs x

Amount = A = Rs 3x

Simple interest ( I ) = A - P

I = 3x - x

I = 2x

Rate of interest ( R ) = 40/3 %

Let time = T years

PTR/ 100 = I

T = ( 100 I ) / PR

= ( 100 × 2x ) / ( x × 40/3 )

= ( 100 × 2 × 3 ) / 40


= 15

Therefore ,

T = 15 years

I hope this helps you.