Guest

If any principal amount is double after 12 years at simple interest then after how much time this principal amount will be three fold

If any principal amount is double after 12 years at simple interest then after how much time this principal amount will be three fold

Grade:11

1 Answers

Arun
25763 Points
4 years ago
Let the principal be P and the rate of interest be R% p.a. Then, in time = 12 years, Simple Interest = Principal = P.
Therefore, P = P x R x 12 / 100 => R = (100 / 12)% = (25/3)%
To obtain 3 times the principal, interest = 3P - P = 2P.
Thus, 2P = P x (25 / 3) x T / 100
=> T = 24
Thus, it will take 24 years to get 3 times the invested amount.

Think You Can Provide A Better Answer ?

Provide a better Answer & Earn Cool Goodies See our forum point policy

ASK QUESTION

Get your questions answered by the expert for free