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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.
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Popular Chapters by Class: Class 6 AlgebraBasic Geometrical IdeasData HandlingDecimalsFractions Class 7 Algebraic ExpressionsComparing QuantitiesCongruence of TrianglesData HandlingExponents and Powers Class 8 Algebraic Expressions and IdentitiesComparing QuantitiesCubes and Cube RootsData HandlingDirect and Inverse Proportions Class 9 Areas of Parallelograms and TrianglesCirclesCoordinate GeometryHerons FormulaIntroduction to Euclids Geometry Class 10 Areas Related to CirclesArithmetic ProgressionsCirclesCoordinate GeometryIntroduction to Trigonometry Class 11 Binomial TheoremComplex Numbers and Quadratic EquationsConic SectionsIntroduction to Three Dimensional GeometryLimits and Derivatives Class 12 Application of DerivativesApplication of IntegralsContinuity and DifferentiabilityDeterminantsDifferential Equations Privacy PolicyTerms And Conditions Disclosure PolicyContact Us How long it will take a certain sum of money to triple itself?A sum of money triples itself in 8 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.
At what rate percent per annum will a sum of money Triple itself in 8 years?Answer: 25% is the rate of interest when principal amount triples in 8 years.
How long does it take for a sum of money to triple itself at a simple interest rate of 5 per annum?Given: The sum of money triples itself. ∴ The number of years by which a sum will triple itself at 5% p.a is 40 years.
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