A sum of money, lent out at simple interest, doubles itself in 8 years. Find :
(i) the rate of interest
(ii) in how many years will the sum become triple (three times) of itself at the same rate percent?
Let P = Rs.100, A = Rs.200
I = Rs.200 − Rs.100 = Rs.100, T = 8 years
Now again P = Rs.100
A = Rs.300
I = Rs.300 − Rs.100 = Rs.200
R = `25/2%`
= 16 Years
So the given sum of money will become triple in 16 years.