Question : At what rate of simple interest per annum will a sum triple itself in 30 years? [Give your answer correct to 2 decimal places.]
Option 1: 6.67%
Option 2: 4.75%
Option 3: 8.33%
Option 4: 3.33%
Correct Answer: 6.67%
Solution :
Here, time = 30 years
Let the principal be $p$.
If a sum triples itself, then the interest earned is twice the principal.
Sum = $3p$
So, simple interest $=3p-p=2p$
We know,
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $2p= \frac{p×\text {Rate}×30}{100}$
⇒ Rate $=6.67\%$
Hence, the correct answer is 6.67%.
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