A sum of money triples itself in 8 years. Find the rate of interest. – InterviewSolution

1.

A sum of money triples itself in 8 years. Find the rate of interest.

Answer»

Let the sum be x.Rate be r.

So,

x*r*8/100=3x-x=>x*r*2/25=2x=>x*r/25=x=>r/25=1=>r=25%

So, the rate of interest is 25% per annum.

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