Practicing Success
Practicing Success
CUET Preparation Today
An investment triples itself in 30 years on simple interest. The rate of interest per annum is: |
6% $6 \frac{2}{3}$% $7 \frac{1}{3}$% 10% |
$6 \frac{2}{3}$% |
Given: The investment triples in 30 years A = 3P (since the investment triples) Substituting the values in the formula: 3P = P(1 + rt) 3 = 1 + 30r r = 0.0667 or $6 \frac{2}{3}$% |
