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0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is?
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0. A sum of money doubles itself in 10 years at simple interest. The n...
Problem Statement:
A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is?
Solution:
Let the sum of money be 'P'.
According to the problem, the sum of money doubles itself in 10 years at simple interest. Therefore,
- Amount after 10 years = P + (P * 10 * R)/100
- Amount after 10 years = 2P
- 2P = P + (P * 10 * R)/100
- 2P - P = (P * 10 * R)/100
- P = 10PR
- R = 10%
Therefore, the rate of interest is 10%.
Now, we need to find out the number of years it would take for the sum of money to triple itself at 10% rate of interest.
Let the required number of years be 'n'.
Using the formula for simple interest,
- Amount after 'n' years = P + (P * n * R)/100
- Amount after 'n' years = 3P
- 3P = P + (P * n * R)/100
- 3P - P = (P * n * R)/100
- 2P = (P * n * R)/100
- n = 200/10 = 20
Therefore, it would take 20 years for the sum of money to triple itself at 10% rate of interest.
Community Answer
0. A sum of money doubles itself in 10 years at simple interest. The n...
Answer:
Given:
- Money doubles in 10 years at simple interest.
To find:
- The number of years it would triple itself.
Solution:
- Let the principal amount be P.
- Let the rate of interest be R.
- Let the time period be T.
- According to the given condition, we have:
- Simple Interest = P * R * T / 100
- Interest earned in 10 years = P * R * 10 / 100
- Total amount after 10 years = P + P * R * 10 / 100 = 2P
- Let's assume the money triples itself in 'n' years.
- So, the total amount after 'n' years will be 3P.
- Interest earned in 'n' years = P * R * n / 100
- Total amount after 'n' years = P + P * R * n / 100 = 3P
- Therefore, P * (1 + R * n / 100) = 3P
- On simplifying, we get:
- R * n = 200
- n = 200 / R
- So, the number of years it would take for the money to triple itself is 200 / R years.
Conclusion:
- The number of years it would take for the money to triple itself is 200 / R years.
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0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is?
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0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is?.
0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 0. A sum of money doubles itself in 10 years at simple interest. The number of years it would triple itself is?.
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