A sum of money becomes three times at per annum simple interest. At what rate will it become six times in the same time?
- A10.5%
- B14%
- C11%
- D12.5%
Solution & Step-by-step Explanation
Let the Principal amount borrowed be .
Case 1:
The sum becomes times itself .
Case 2:
The sum needs to become times itself in the same time ().
Alternative Shortcut Method:
When the time period is constant, we can use the formula:
Case 1:
The sum becomes times itself .
Case 2:
The sum needs to become times itself in the same time ().
Alternative Shortcut Method:
When the time period is constant, we can use the formula: