Question 53

A sum becomes three times of itself in 10 years at the rate of simple interest. What is the rate of interest per annum?

Solution

Let principal sum = Rs. $$x$$

The sum becomes 3 times after 10 years, => Simple interest = Rs. $$2x$$

Simple interest = $$\frac{P\times R\times T}{100}$$

=> $$\frac{x\times r\times 10}{100}=2x$$

=> $$\frac{r}{10}=2$$

=> $$r=20\%$$

=> Ans - (B)

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