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%
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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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