A sum of money triples (i.e., 3 times) in 15 years at r% of simple interest

A sum of money triples (i.e., 3 times) in 15 years at r% of simple interest
Posted on 19-04-2023

Ques - A sum of money triples (i.e., 3 times) in 15 years at r% of simple interest per annum. What is the value of r?

(a) 12%

(b) (40/3)%

(c) (50/3)%

(d) can't determined

Solution - 

Given,

Principal = P

Amount = 3P (triples itself)

S.I = Amount - Principal

S.I = 3P - P

S.I = 2P

T = 15

R = r

S.I = (P×R×T) / 100

2P = (P × r × 15) / 100

200P = (P × r × 15) 

r = 200/15

r = (40/3)%

Therefore,

The value of r is (40/3)%.

Hence,

The correct answer is option (b) (40/3)%.

Thank You