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An amount will be triple itself in 15 years at a certain rate of simple interest per annum. The rate of interest per annum is:

  1. A
    13
    3
    1

    %
  2. B
    11
    3
    1

    %
  3. C
    14
    3
    1

    %
  4. D
    13
    5
    1

    %

Solution & Step-by-step Explanation

Let the principal amount be P.
Since the amount triples itself in 15 years, the total Amount (A) becomes 3P.
Time (T) = 15 years

The Simple Interest (SI) earned is:

SI=A−P=3P−P=2P
The formula for simple interest is:

SI=
100
P×R×T


Substituting the known values into the formula:

2P=
100
P×R×15


Dividing both sides by P:

2=
100
15R


R=
15
200

=
3
40

=13
3
1

%

Practice this question

Try it yourself before checking the explanation above.

An amount will be triple itself in 15 years at a certain rate of simple interest per annum. The rate of interest per annum is:
A
13
3
1

%
B
11
3
1

%
C
14
3
1

%
D
13
5
1

%

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