Q.If some amount triples in 30 years with simple interest, what is the rate of interest? (a) 6\(\cfrac{2}{3}\)% (b) 10% (c) 15% (d) 6%
Answer: A
Let’s assume the principal amount \((p)=x\) rupees
Time \( (t)=30\) years
Interest \((I)=(3x-x)\) rupees =\(2x\) rupees
∴ Rate of interest \((r)=\cfrac{100×I}{pt}\)
\(=\cfrac{100×2x}{x×30} \%=\cfrac{20}{3}\%=6\cfrac{2}{3}\%\)
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