Question 63
In how many years, an amount becomes three times of itself, if simple interest is calculated at a rate of 10% per annum?
Solution
Let's assume the initial amount is 'P'.
R = rate of interest = 10%
T = time
A = amount after 'T' years = 3P
$$A = P+\frac{P\times\ R\times\ T}{100}$$
$$3P = P+\frac{P\times\ 10\times\ T}{100}$$
$$3P-P = \frac{P\times\ 10\times\ T}{100}$$
$$2P = \frac{P\times\ 10\times\ T}{100}$$
$$2 = \frac{ 10\times\ T}{100}$$
$$2 = \frac{T}{10}$$
T = 20 years
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