Question
Download Solution PDFIn how much time will an amount be tripled, at the rate of 25% per annum simple interest ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = P
Final Amount (A) = 3P
Rate (r) = 25% per annum
Formula used:
Simple Interest (SI) = P × r × t / 100
Final Amount (A) = P + SI
Calculation:
3P = P + (P × 25 × t / 100)
⇒ 3P = P + (P × 25t / 100)
⇒ 3P - P = (P × 25t / 100)
⇒ 2P = (P × 25t / 100)
⇒ 2 = 25t / 100
⇒ 2 × 100 = 25t
⇒ 200 = 25t
⇒ t = 200 / 25
⇒ t = 8 years
∴ The correct answer is option 2.
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