A sum becomes three times of itself in 10 years at the rate of simple interest. What is the rate of interest per annum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 20%
| Understanding/Application |
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Let principal sum = Rs.x The sum becomes 3 times after 10 years Simple interest = Rs. 2x S.I. = PRT/100 |
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(x × r × 10)/100 = 2x r/10 = 2 r = 20% |