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:
- A13
3
1
% - B11
3
1
% - C14
3
1
% - D13
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
%
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
%