An amount will triple itself in years on simple interest. Find the rate of interest.
- A
- B
- C
- D
Solution & Step-by-step Explanation
Let the principal amount be .
Since the amount triples itself in years, the final amount .
The Simple Interest () earned is:
Using the Simple Interest formula:
Substitute the known values ( and ):
Thus, the rate of interest is .
Since the amount triples itself in years, the final amount .
The Simple Interest () earned is:
Using the Simple Interest formula:
Substitute the known values ( and ):
Thus, the rate of interest is .