Question : At what rate percent per annum will a sum of money triples in 20 years on simple interest?
Option 1: 10%
Option 2: 12%
Option 3: 18%
Option 4: 20%
Answer (1)
26th Jan, 2024
Correct Answer: 10%
Solution :
Let $P$ be the principal sum.
Total amount = $3P$
Simple interest = $3P- P$ = $2P$
Term, $n$ = 20 years
Let $R$ be the rate of interest.
Simple interest, SI = $\frac{PnR}{100}$
⇒ $2P = \frac{P×20×R}{100}$
⇒ $R= \frac{200}{20}= 10$%
Hence, the correct answer is 10%.
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