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%
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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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