Question
Calculate the time required for the principal to triple itself at the rate of 15% per annum simple interest.
Hint:
Use the formula of total amount and from that find the time period.
The correct answer is: 13.33 Years
Complete step by step solution:
Formula for total amount = A = P + S.I,
where A is the total amount, P is the principal amount and SI is simple interest .
We know that
So, …(i)
Here, let the principal amount = P
So, the total sum is triple the principal amount = A = 3P
It is given that the rate of interest R =
On substituting the known values in (i) we get,
Subtract from both sides.
On subtracting, we get
On further simplifications, we get 15T = 200
Divide by 15 on both sides.
On dividing, we get T = 13.33 years.
Hence it takes 13.33 years for the principal amount to triple itself at the rate of 15% per annum simple interest.
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