Question 9
EasyOriginal questionAt what rate per annum simple interest will a sum become three times itself in 20 years?
Show the answer and explanation
CorrectNot quiteAnswer B
Correct answer: B
Explanation
Three times itself means the interest is 2P, that is, 200% of P.
Per year: .
Worth noting
5% is the rate for doubling in 20 years; tripling needs interest of 2P, not P.
- Concept
- Sum tripling at simple interest
- Typical timeTypical
- 30 s
- Your timeYours
- —
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Ten questions from Simple & Compound Interest, at your own pace.