A sum of money triples in 5 years at simple interest. What will be the rate of interest per annum?
Suman DeviBegginer
Resources & Suggestions
Mains Answer Writing Latest Articles
On: February 22, 2025
Comments:
0
Indo-US Relation: Areas of Cooperation & Conflicts
Key Areas: Defense, technology, trade, energy, and regional cooperation. Key Areas of Cooperation 1. Defense and Security Transition from buyer-seller to co-production and technology sharing. India as a Major Defense Partner (MDP) and inclusion in STA-1. Access to advanced technologies, ...
On: February 22, 2025
Comments:
0
भारत-अमेरिका संबंध: सहयोग और संघर्ष के क्षेत्र
मुख्य विषय: भारत-अमेरिका संबंधों की मजबूती, विशेषकर रक्षा, प्रौद्योगिकी और क्षेत्रीय सहयोग में प्रगति। सहयोग के प्रमुख क्षेत्र 1. रक्षा एवं सुरक्षा सहयोग भारत और अमेरिका के बीच रक्षा संबंधों का विस्तार। प्रमुख रक्षा साझेदार (MDP) का दर्जा और STA-1 ...
On: February 22, 2025
Comments:
0
India’s Disaster Management
The article discusses the growing tensions between the Centre and states regarding disaster relief funding in India. It emphasizes the need for a transparent and equitable disaster management framework. Key Disaster Threats India Faces Increasing Frequency of Extreme Weather Events ...
Let the principal be P .
It’s said in the question that the money triples itself in 5 years. So, the amount after 5 years is 3P.
So, the simple intrest = Amount – Principal = 3P – P = 2P.
Now we know both the principal and simple intrest so we can use the formula of SI to find the answer.
( P * R * T ) / 100 = SI
= (P * R * 5 ) / 100 = 2P
= R / 20 = 2P / P
= R = 2 * 20 = 40%
Alternatively , there is a simple shortcut to this.
When the question says the principal becomes n times in T years.
Then , R * T = ( n – 1 ) 100
In this case, R * T = (3 -1 ) 100
= R * 5 = 200
= R = 200 / 5 = 40%
Let the principal be P .
It’s said in the question that the money triples itself in 5 years. So, the amount after 5 years is 3P.
So, the simple intrest = Amount – Principal = 3P – P = 2P.
Now we know both the principal and simple intrest so we can use the formula of SI to find the answer.
( P * R * T ) / 100 = SI
= (P * R * 5 ) / 100 = 2P
= R / 20 = 2P / P
= R = 2 * 20 = 40%
Alternatively , there is a simple shortcut to this.
When the question says the principal becomes n times in T years.
Then , R * T = ( n – 1 ) 100
In this case, R * T = (3 -1 ) 100
= R * 5 = 200
= R = 200 / 5 = 40%