Maths-
General
Easy

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 S I equals fraction numerator P T R over denominator 100 end fraction
    So,A equals P plus fraction numerator P T R over denominator 100 end fraction …(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 = 15 straight percent sign
    On substituting the known values in (i) we get, 3 P equals P plus fraction numerator P cross times T cross times 15 over denominator 100 end fraction
    Subtract  from both sides.
    On subtracting, we get 2 P equals fraction numerator P cross times T cross times 15 over denominator 100 end fraction
    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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