Correct Answer - Option 1 : 8% Show
Formula used SI = (P × R × T)/100 SI = Simple interest P = Principal R = Rate T = Time Calculation Let principal be 100Rs ⇒After 25 years principal = 300 ⇒ SI = 300 - 100 = Rs.200 ⇒ 200 = (100 × r × 25)/100 ⇒ r = 8 % ∴ At 8 percent per annum simple interest, a sum of money triple itself in 25 yr A sum invested on simple interest becomes triple itself in 16 years. Then the rate of interest is?Answer Verified 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: 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. At what rate percent per annum simple interest, will a sum of money triple itself in 25 yr ?duplicate options found. English Question 1 options 1,3
Answer (Detailed Solution Below)Option 1 : 8% Free ACC 124 GMAT Paper (Held in Feb 2021) 150 Questions 300 Marks 180 Mins Formula used SI = (P × R × T)/100 SI = Simple interest P = Principal R = Rate T = Time Calculation Let principal be 100Rs ⇒After 25 years principal = 300 ⇒ SI = 300 - 100 = Rs.200 ⇒ 200 = (100 × r × 25)/100 ⇒ r = 8 % ∴ At 8 percent per annum simple interest, a sum of money triple itself in 25 yr Last updated on Sep 29, 2022 The Military Training Directorate, Indian Army is soon going to release a new notification for the ACC Exam 2022. The vacancies for the Army Cadet College (ACC) are released twice in a year. The ACC exam is conducted to recruit soldiers and train them to become commissioned officers in the Indian Army. Candidates can avail of a maximum of 03 chances of entry for ACC. The selection process consists of two stages. Stage 1 will be the Written Test and Stage 2 will be SSB Interview and Medical Test. Candidates can refer to the ACC Exam Previous Year Papers to know the type of questions asked in the exam and boost their preparation. Stay updated with the Quantitative Aptitude questions & answers with Testbook. Know more about Interest and ace the concept of Simple Interest. Simple interestAptitude
Correct Option: ALet principal amount = P
At what rate percent per annum simple interest will a sum treble itself in 25 years?R=12. 5%
At what rate percent per annum simple interest will a sum of money triples itself in 60 years?Hence, we get the rate of interest as 12.5 %.
At what rate percent per annum simple interest will a sum triple itself?⇒R=2P×100P×16=12.5%
At what rate per annum on simple interest will a sum of money Triple itself in 10 years?Detailed Solution
Money triple in 10 years. Calculation: Let the principal be 'x'. ∴ The annual rate of interest is 20%.
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