A sum of money triples itself in 12 years. Find the rate percent per annum.
A14%p.a.Correct AnswerIncorrect Answer
B16.50% p.a.Correct AnswerIncorrect Answer
C16.66%p.a.Correct AnswerIncorrect Answer
D18%p.a.Correct AnswerIncorrect Answer
ENone of theseCorrect AnswerIncorrect Answer
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.