Question : At what rate of simple interest per annum will a sum of money triple itself in 16 years?
Option 1: 11.5%
Option 2: 11%
Option 3: 12%
Option 4: 12.5%
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: 12.5%
Solution : Let the rate of interest per annum be $r$. Let $P$ be the principal amount invested. Time of investment, $t$ = 16 years If P amount of money triples itself in 16 years, then interest gained $= 3P - P = 2P$ Simple Interest = $\frac{P\times r\times t}{100}$ $⇒2P = \frac{P\times r\times 16}{100}$ $\therefore r = 12.5\%$ Hence, the correct answer is 12.5%.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : A sum triple itself in 9 years at simple interest. Find the rate of interest per annum.
Question : In how much time will a sum of Rs. 10200 amount to Rs. 19125 at the rate of 12.5% per annum at simple interest?
Question : In what least number of complete years does a sum of money become more than four times itself at the rate of 50% per annum on simple interest?
Question : In how much time will a sum of Rs. 5250 amount to Rs. 9870 at the rate of 11% per annum at simple interest?
Question : A certain sum of money lent at simple interest amounts to INR 1,200 in 2 years and INR 1,600 in 4 years. The rate percentage per annum is:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile