Question : Anuradha invests her money in a firm where the principal amount becomes 3 times in 10 years. What is the yearly rate of simple interest offered by the firm?
Option 1: 25%
Option 2: 20%
Option 3: 22%
Option 4: 18%
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Correct Answer: 20%
Solution :
Let $P$ be the principal and $R$ be the rate of interest.
Total amount = $3P$
Simple interest, SI = $3P-P$ = $2P$
Term, $n$ = 10 years
Now, SI = $\frac{PnR}{100}$
⇒ $2P$ = $\frac{P×10×R}{100}$
So, $R$ = 20%
Hence, the correct answer is 20%.
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