Question
A sum of money triples itself in 12 years. Find the rate
percent per annum.Solution
Let the Principal = Rs 100 Amount = Rs 300 ⇒ Amount = P + I ⇒ 300 = 100 + I I = 300 – 100 = Rs 200 ⇒ R = (SI x 100)/(P x T) ⇒R = 200 x 100/(100 x 12) R = 16.66% p.a.
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