The amount will triple 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 over years, the final total amount () is .
The formula for Simple Interest is:
Given time years:
Hence, the rate of interest is per annum.
Since the amount triples over years, the final total amount () is .
The formula for Simple Interest is:
Given time years:
Hence, the rate of interest is per annum.