RRB NTPC · Question 50
A sum of money becomes triple of itself in 10 years at the rate of simple interest, find the annual rate of interest. A. 5% B. 8% C. 10% D. 20%
Show answer & explanation
Answer: (A) D
Explanation
Tripling means interest = 2P in 10 years, i.e. 200% in 10 years or 20% per annum.