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The number of years for an amount of money to triple at 16% simple interest is

A) \( \Large 12\frac{1}{2} \)
B) 10 years
C) \( \Large 8\frac{1}{2} \) years
D) 6 years

Correct Answer:

A) \( \Large 12\frac{1}{2} \)

Description for Correct answer:
Let sum = Rs.P, rate (R) = 16%

Amount due in 3 years = Rs.3P

Therefore, Simple interest = Rs.3P - Rs.P = Rs.2P

T1me = \( \Large \frac{S.I. \times 100}{P \times R} \)

= \( \Large \frac{2P \times 100}{P \times 16} = \frac{25}{2} = 12\frac{1}{2} years \)

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

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