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Answer:

Quantitative Aptitude ≫ Interest ≫ Simple Interest

Question:

Number of years in which a sum of money triples itself when the rate of interest being 5% is

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Options:

20

30

10

40

Correct Answer: Option 4 (Solution Below)

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Solution:

Given:

The sum of money triples itself.

Rate of interest = 5%

Concept used:

Simple interest = PRT/100

Amount = SI + P

P → principal R → rate of interest T → time

Calculation:

Amount = 3P

Simple interest = 3P - P = 2P

2P = P × 5 × T/100

T = 200/5 = 40 years

∴ The number of years by which a sum will triple itself at 5% p.a is 40 years.

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