Question
Download Solution PDFA sum triple itself in 9 years at simple interest. Find the rate of interest per annum is.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFTo solve this problem, we'll use the formula for simple interest.
The formula is as follows:
Simple Interest (SI) = (Principal (P) × Rate (R) × Time (T)) / 100
Calculation:
SI = 2 × P
We are given the time (T) as 9 years.
We need to find the rate (R) per annum.
⇒ 2 × P = (P × R × 9) / 100
Now, we need to solve for R:
⇒ 2 × P = (9 × P × R) / 100
Divide both sides by P:
⇒ 2 = (9 × R) / 100
Now, multiply both sides by 100:
⇒ 200 = 9 × R
Finally, divide both sides by 9:
⇒ R = 200 / 9
⇒ R = \(22\frac{2}{9}\%\)
Hence, the rate of interest per annum is approximately \(22\frac{2}{9}\%\).
Mistake Points
If a sum triples itself in 9 years using simple interest, this means that the amount of interest earned over those 9 years is twice the original sum.
i.e. When the Principal is P, then Interest will be 2P.
Last updated on Jul 10, 2025
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