A sum of money doubles in 6 years at simple interest. In how many years will it triple?
Show answer & explanation
Correct answer: D
Explanation
Given:
The amount doubles in 6 years.
Doubling ⇒ 100%
Interest = 6 years
1% = 6/100 years
Tripling ⇒ 200% interest
Time = 200 × (6/100) = 12 years