A sum triple itself in 9 years at simple interest. Find the rate of interest per annum is.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. %
Given that
A sum triple itself in 9 years at simple interest.
Amount = 3 × Principal amount
SI = Amount - Principal = 2P
As we know
⇒ SI = P × rate × time/100
⇒ 2P = (P × rate × 9)/100
Rate = 200/9 = %