A sum of money becomes double in 20 years at simple interest in how many years will it triple 2022

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Nội dung chính The correct option is A 20 yearsLet the principal be P. As per the question, Amount = 2(Principal) = 2P SI = Amount – Principal = 2P – P = P By formula, R=SI×100P×T R=P×100P×10 =10 % So, the rate is 10% per annum. Now, the sum gets tripled. A = 3(Principal) = 3P SI = 3P – P = 2P T=SI×100P×R T=2P×100P×10 = 20 years Compound Interest Curve Practice using the Rule of 72 Why Stop at a Double? Why Does the Rule of 72 Work? At which rate of simple interest a sum doubles in 20 years? How long would it take for money to triple in value at 20 a year simple interest? At what rate of simple interest a sum of money would triple itself in 25 years? At what rate compounded quarterly Will money become thrice itself in 20years? Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S không lấy phí classes today! No worries! We‘ve got your back. Try BYJU‘S không lấy phí classes today! No worries! We‘ve got your back. Try BYJU‘S không lấy phí classes today! Solution The correct option is A 20 yearsLet the principal be P. As per the question, Amount = 2(Principal) = 2P SI = Amount – Principal = 2P – P = P By formula, R=SI×100P×T R=P×100P×10 =10 % So, the rate is 10% per annum. Now, the sum gets tripled. A = 3(Principal) = 3P SI = 3P – P = 2P T=SI×100P×R T=2P×100P×10 = 20 years Textbooks Question Papers trang chủ Have you always wanted to be able to do compound interest problems in your head? Perhaps not… but it’s a very useful skill to have because it gives you a lightning fast benchmark to determine how good (or not so good) a potential investment is likely to be. The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years. Y   =   72 / r   and   r   =   72 / Y where Y and r are the years and interest rate, respectively. Compound Interest Curve Suppose you invest $100 at a compound interest rate of 10%. The rule of 72 tells you that your money will double every seven years, approximately: Years Balance Now $100 7 $200 (doubles every 14 $400   seven years) 21 $800 If you graph these points, you start to see the familiar compound interest curve: Practice using the Rule of 72 It’s good to practice with the rule of 72 to get an intuitive feeling for the way compound interest works. So… Why Stop at a Double? There’s nothing sacred about doubling your money. You can also get a simple estimate for other growth factors, as this calculator shows: Why Does the Rule of 72 Work? If you want to know more, see this explanation of why the rule of 72 works. (Brace yourself, because it’s slightly geeked out.) At which rate of simple interest a sum doubles in 20 years? Hence, R = 5%. How long would it take for money to triple in value at 20 a year simple interest? Answer and Explanation: The calculated number of years it would take for money to triple in value at 20% per year simple interest is 10 . At what rate of simple interest a sum of money would triple itself in 25 years? R=12. 5% At what rate compounded quarterly Will money become thrice itself in 20years? At what rate compounded quarterly will money become thrice itself in 20 years? 55% .

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