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Question
A sum of money, lent out at simple interest, doubles itself in 8 years. Find :
(i) the rate of interest
(ii) in how many years will the sum become triple (three times) of itself at the same rate percent?
Solution
Let P = Rs.100, A = Rs.200
I = Rs.200 − Rs.100 = Rs.100, T = 8 years
R =`(100xx"I")/("P"xx"T")=(100xx100)/(100xx8)`
`=100/8=25/2%`
Now again P = Rs.100
A = Rs.300
I = Rs.300 − Rs.100 = Rs.200
R = `25/2%`
T =`(100xx"I")/("P"xx"R")=(100xx200)/(100xx25/2)=(100xx200xx2)/(100xx25)`
= 16 Years
So the given sum of money will become triple in 16 years.
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