The number of years required for a sum of money to get tripple at the effective rate of 4% is: (Given $(1.04)^{28} = 3$)
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → 28 years **
$\text{Let the principal be }P.$
$\text{Tripling means }3P = P(1.04)^n.$
$\Rightarrow (1.04)^n = 3.$
$\text{Given }(1.04)^{28} = 3.$
The required number of years is $28$.