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A sum invested on simple interest becomes triple itself in 16 years. Then the rate of interest is?Answer VerifiedHint: 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. Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! Solution The correct option is A24 years (adsbygoogle = window.adsbygoogle || []).push({}); P(1+R100)12=3P⇒(1+R100)15=3PP = 3……(i) Let P(1+R100)n=9P⇒(1+R100)n=9⇒(1+R100)n =32⇒(1+R100)n = {(1+R100)12}2 {using(i)}⇒(1+R100)n = (1+R100)24⇒ n = 24Thus, the required time = 24 years.TextbooksQuestion PapersHomeAt what rate of interest will a sum of money triples itself in 6 years?R=12. 5% How long will it take a certain sum of money triples itself at 8% simple interest?= 15 years. Was this answer helpful? What is the rate of interest if a sum of money triples itself in 16 years?⇒R=162×100=12. 5% At what time a sum of money triples itself 5 Pa?Detailed Solution The sum of money triples itself. ∴ The number of years by which a sum will triple itself at 5% p.a is 40 years. Free Important Civilization in Rajasthan 15 Questions 15 Marks 10 Mins Given: Rate (R) = 20% Formula used: S.I. = (P × R × T)/100 Where, S.I. → Simple Interest P → Principal R → Rate T → Time Calculations: Let the sum of money be Rs. P. So, A = 3P And S.I. = A - P = 3P – P = 2P Thus T = (100 × S.I.)/(P × R) ⇒ T = (100 × 2P)/(P × 20) = 10 years ∴ The required time is 10 years. Latest RSMSSB Forest Guard Updates Last updated on Oct 29, 2022 The RSMSSB Forest Guard Admit Card is out. For Forester Post, admit cards can be downloaded from 28th October 2022 and for Forest Guard, admit cards will be available from 4th November 2022. The exam for Forester will be conducted on 6th November 2022 and the exam for Forest Guard will be conducted on 12th & 13th November 2022. Total vacancies have been increased to 2399. The selection process consists of 5 stages i.e. Written Test, Physical Standard & Efficiency Test (PST & PET), Interview, Medical Examination, and finally Document & Character Verification. The candidates must also go through the RSMSSB Forest Guard Previous Years’ Paper. Let's discuss the concepts related to Interest and Simple Interest. Explore more from Quantitative Aptitude here. Learn now! In what time would a sum of money Triple itself at 8% compound interest?Hence, a sum of money will triple itself at 8% p.a. compound interest in 14.27 years.
How long would it take to sum of money to triple at self?A certain sum of money triples itself in 5 years at simple interest.
How long does it take for a sum of money to triple itself at a simple rate of 5% per annum?The sum of money triples itself. ∴ The number of years by which a sum will triple itself at 5% p.a is 40 years.
How long will it take a certain sum of money to triple itself at 10% per annum simple interest?⇒T=x×152x×100=340=13. 3 years.
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