Mathematics for FinanceMTP Nov 21Question 1332 of 512
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If a sum triples itself in 15\displaystyle 15 years at simple rate of interest, the rate of interest per annum will

Options

A13%\displaystyle 13\%
B13.3%\displaystyle 13.3\%
C13.5%\displaystyle 13.5\%
D13.0%\displaystyle 13.0\%
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Correct Answer

✅ Option b — 13.3%\displaystyle 13.3\%

All Options:

  • A13%\displaystyle 13\%
  • B13.3%\displaystyle 13.3\%
  • C13.5%\displaystyle 13.5\%
  • D13.0%\displaystyle 13.0\%

Detailed Solution & Explanation

**Derivation of Simple Interest Rate** Given: - Time (t\displaystyle t) = 15\displaystyle 15 years - Let the sum be P\displaystyle P. Amount (A\displaystyle A) = 3P\displaystyle 3P **Step 1: Calculate Simple Interest (SI\displaystyle SI)** SI=A−P=3P−P=2PSI = A - P = 3P - P = 2P **Step 2: Set up the Simple Interest formula** SI=P×R×t100SI = \frac{P \times R \times t}{100} 2P=P×R×151002P = \frac{P \times R \times 15}{100} 2=15R1002 = \frac{15 R}{100} 15R=200  ⟹  R=20015=13.33% per annum15 R = 200 \implies R = \frac{200}{15} = 13.33\% \text{ per annum} Hence, **Option B** is the correct answer.

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