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Find the rate of Simple Interest when a sum of money treble itself in 25 years.
- a)4%
- b)10%
- c)8%
- d)None
- e)All of the above
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Find the rate of Simple Interest when a sum of money treble itself in ...
Given, the sum of money trebles itself in 25 years.
Let the principal amount be P.
Formula:
Simple Interest = (P * R * T) / 100
where P is the principal amount, R is the rate of interest, and T is the time period.
Calculation:
After 25 years, the sum becomes 3P.
Using the formula of Simple Interest,
3P = P + (P * R * 25) / 100
2P = (P * R * 25) / 100
R = (2P * 100) / (P * 25)
R = 8%
Therefore, the rate of Simple Interest is 8%. Hence, option C is the correct answer.
Let the principal amount be P.
Formula:
Simple Interest = (P * R * T) / 100
where P is the principal amount, R is the rate of interest, and T is the time period.
Calculation:
After 25 years, the sum becomes 3P.
Using the formula of Simple Interest,
3P = P + (P * R * 25) / 100
2P = (P * R * 25) / 100
R = (2P * 100) / (P * 25)
R = 8%
Therefore, the rate of Simple Interest is 8%. Hence, option C is the correct answer.
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Find the rate of Simple Interest when a sum of money treble itself in ...
The total amount after 25 years is three times the principal, meaning the interest earned is twice the principal (2P). Using the simple interest formula I = P × R × T, we have: 2P = P × R × 25. Solving for R gives: R = 2/25 = 0.08 = 8%. Thus, the rate of Simple Interest is 8%.
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