We are being asked to find an interest rate for an investment that you want to triple in five years if it is compounded annually. The amount after two years is equal to a subzero, so we need to use our compound interest formula. The initial amount times the quantity of one and R. In this case, we're told to triple our investment. Suppose we started with $100. If it were a triple it would be 300. That would be the case in this case a. 300 would be a sub zero, 100 would be a T. That's the number of times it's compounded and because it's compounded annually, that's a single time. We want this to happen in five years and we are going to raise this to the end. The fifth power. I'm going to divide both sides by 100 to solve this equation. 300 is divided by 100. It's equal to one plus well and divided by one, which is five. I'm going to take the fifth root of our equation and get rid of our exponents. I'm not going to write that down right now. We have the fifth through the three equal to one and R. We're going to do the fifth root of three and subtract one. You'll find that it is approximately 0.2457. That's our value, that's what we have. R is equal to the interest rate when you substitute r into this formula, and the percent is a decimal. The rate would be approximately 25% if you went from the decimal to the%. We know the rate. Show Free LIC AAO Prelims 2020: Full Mock Test 100 Questions 70 Marks 60 Mins Last updated on Sep 21, 2022 The Life Insurance Corporation (LIC) has released the list of candidates who have cleared the LIC AAO Mains and Interview round of the 2020 cycle. It is important for the candidates to note that candidates who are qualified for the Mains & Interview round of the exam are only eligible for the next round, which is the Medical Test. A total number of 168 vacancies were released for the LIC AAO 2020 cycle. The selected candidates will receive a salary range between Rs. 32,795 to Rs. 62,315. Know about the LIC AAO Result here. Stay updated with the Quantitative Aptitude questions & answers with Testbook. Know more about Interest and ace the concept of Simple Interest. Answer Verified Hint: We will assume the sum invested as x rupees. We have been given that it becomes triple after 3 years which means it becomes 3 x. Now, we know that the final amount = principal amount + simple interest. So, we will find the simple interest from that and using the formula, $\text{simple interest}=\dfrac{\text{principal amount}\times \text{time}\times \text{rate}}{100}$, we will find the rate of interest. Complete step-by-step answer: Note: There is a possibility that the students think that the simple interest becomes triple of the principal amount, that is simple interest is 3 x. So, in further calculations for finding the rate of interest, they will end up with, $rate=\dfrac{3\times 100}{16}\Rightarrow 18.75\%$. But students should read the question carefully to understand that the sum becomes triple, which means the principal amount becomes triple after 16 years. In what time will a sum of money treble itself at 16 pa at simple interest?A sum of money triple itself at 16% p.a. at simple interest in 12.5 years.
At what rate per cent per annum will a sum triple itself in 15 years?R=12. 5%
At what rate of simple interest per annum will a sum triple itself in 8 years?Answer: 25% is the rate of interest when principal amount triples in 8 years.
At what rate of simple interest will a sum treble itself in 20 years?Hence, rate of interest is 10%.
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At what rate of simple interest per annum will a sum triple itself in 16 years?
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