Question : What is that rate of simple interest at which a sum of money becomes three times itself in 36 years?
Option 1: 7.28%
Option 2: 6.86%
Option 3: 5.55%
Option 4: 6.28%
Correct Answer: 5.55%
Solution :
According to the question:
⇒ Principal + Interest = 3 × Principal
⇒ $P + \frac{P× R×T}{100} = 3P$
⇒ $P(1 + \frac{R × T}{100}) = 3P$
⇒ $(1 + \frac{R × T}{100}) = 3$
⇒ $\frac{R × 36}{100} = 2$
⇒ $R = \frac{200}{36}$
⇒ $R = 5.56$%
Hence, the correct answer is 5.55%.
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