At what rate per annum with simple interest will any money becomes thrice in 12.5 years?
1. 8%
2. 16%
3. 12%
4. 20%
1. 8%
2. 16%
3. 12%
4. 20%
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Correct Answer – Option 2 : 16%
Concept used:
R = (I × 100)/(P × T)
A = P + I
Where R = rate of interest, P = principal, I = interest
T = time and A = Amount
Calculation:
Let P = 100 then A = 300
I = 300 – 100 = 200
R = (200 × 100)/(100 × 12.5)
⇒ R = 200/12.5
∴ Rate of interest is 16%