Question
Download Solution PDFThe rate at which a sum becomes four times of itself in 12 years at simple interest will be:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Time = 12 years
The sum becomes four times of itself
Formula used:
Simple interest = (P × R × T)/100
Where P → Principal
T → Time
R → Rate
Calculation:
Let the principal be 'x'.
So, Amount = 4x
Simple interest = 3x
Simple interest = (P × R × T)/100
⇒ 3x = (x × R × 12)/100
⇒ R = (3 × 100)/12
⇒ R = 25%
The annual rate of interest is 25%.
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