Answer  Hint: We will assume the sum invested as x rupees. We have been given that it becomes triple after 3 years which means it becomes 3 x. Now, we know that the final amount = principal amount + simple interest. So, we will find the simple interest from that and using the formula, $\text{simple interest}=\dfrac{\text{principal amount}\times \text{time}\times \text{rate}}{100}$, we will find the rate of interest. Complete step-by-step answer: We are given the time period as 16 years and that the sum becomes triple after 16 years. So, we will first assume the sum invested as Rs. x. We have been given that after 16 years, it becomes triple, so,Final amount = $3\times x=3x$.Now, we know that the final amount is the summation of the principal amount and simple interest,Final amount = principal amount + simple interest, which can be written as,3 x = x + simple interest, so we get the simple interest as = 3 x - x = 2 x.Now, we have the principal amount, time and the simple interest, so we will find the rate using the formula, $\text{simple interest}=\dfrac{\text{principal amount}\times \text{time}\times \text{rate}}{100}$. So, by substituting the values of the parameters we get,$\begin{align} & \dfrac{2x}{1}=\dfrac{x\times 16\times rate}{100} \\ & \Rightarrow \dfrac{2}{1}=\dfrac{16\times rate}{100} \\ \end{align}$ On cross-multiplying, we get,$\begin{align} & rate=\dfrac{2\times 100}{16} \\ & \Rightarrow rate=12.5\% \\ \end{align}$ Hence, we get the rate of interest as 12.5 %.Note: There is a possibility that the students think that the simple interest becomes triple of the principal amount, that is simple interest is 3 x. So, in further calculations for finding the rate of interest, they will end up with, $rate=\dfrac{3\times 100}{16}\Rightarrow 18.75\%$. But students should read the question carefully to understand that the sum becomes triple, which means the principal amount becomes triple after 16 years. IBPS RRB Clerk Provisional Allotment List (CRP-RRBs-X) released on 22nd September 2022. Earlier, the IBPS RRB Clerk Prelims Scorecard (CRP RRBs XI) was released on 13th September 2022. The Mains Examination will be held on 24th September 2022. The IBPS RRB Clerk Admit Card for the Mains Exam (CRP-RRB-XI). has also been released and candidates can download the same by 24th September 2022. The final selection of the candidates will be based on their scores in the Mains Exam. A total number of 4483 vacancies are released for the RRB Office Assistant 2022. With a decent pay scale of Rs. 11,765 to Rs. 31,540, it is a golden opportunity for job seekers. Prepare well for your excam with the help of IBPS RRB Clerk books. |
At what rate will an amount get tripled after 25 years at simple interest?
Pos Terkait
Copyright © 2024 ketiadaan Inc.
