Question
Download Solution PDFThe amount will triple in 25 years on simple interest. Find the rate of interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The amount will triple in 25 years on simple interest.
Formula Used:
SI = PRT / 100
Calculation:
Let Principal amount be x.
Amount = 3x
SI = A - P = 3x - x
SI = 2x
Rate = (SI × 100) / (P × T)
Rate = (2x × 100) / (x × 25)
⇒ Rate = 200 / 25
⇒ Rate = 8%
The correct answer is 8%.
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