A sum of money will double itself in 6 years. In what time the sum of money will treble itself?
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A sum of money will double itself in 6 years. In what time the sum of money will treble itself?
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Answer:
The sum of money doubles in 6 years means the interest for 6 years equals to original sum of money I.e. Principle. Let the Principle = P and rate of interest = r %
So, P + P * r *6/100 = 2P
Or, p*r*6/100 = 2P - P = P
Or, r = 100/6 = 16.67 %
For sum to be treble, the interest should be twice the Principle I.e. P * (16.67/1t00) * t = 2P where t is the period when the sum will be 3 times.
Or, t = 100 * 2/16.67 = 12 years. Ans.
Simply you can also give a statement that when sum is doubled in 6 years for simple interest, the sum will be tripled in 6 * 2 = 12 years
Step-by-step explanation:
2x=6
3x= ?
By cross multiplication we have
2x×? = 6×3x
? = 18/2=9
This is basic without considering if the money is in the bank with due interest or in relation with interest exercises.