SSC CGL 2023 PYQ — Question 75

The correct answer is option 4 i.e. 12.5%.

Let the sum of money be Rs. P and the rate of interest be R.

The sum of money triples itself in 16 years, it means amount after 16 years is Rs. 3P.

Now, Simple interest, $SI = {{P \times R \times T}\over 100}$

Also, SI = Amount - Principal

⇒ 3P - P = ${{P \times R \times 16}\over 100}$

⇒ 2P = ${{P \times R \times 4}\over 25}$

⇒ 50 = 4R

⇒ R = 12.5

Hence the required rate of interest is 12.5%.