At what rate of simple interest per annum will a sum triple itself in 30 years Give your answer corr...........

Quantitative Aptitude (MTS) Simple Interest

At what rate of simple interest per annum will a sum triple itself in 30 years? [Give your answer correct to 2 decimal places.]

This questions was previously asked in

SSC MTS 11th July 2022 Shift-1

3.33%

6.67%

8.33%

4.75%

To solve this, let's break it down:

- Simple Interest Formula: \( \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \)

- A sum triples itself means the final amount is 3 times the principal.

- So, \( \text{Principal} + \text{Interest} = 3 \times \text{Principal} \)

- The interest is twice the principal (since \( 3P - P = 2P \)).

- Using the formula, \( 2 \times \text{Principal} = \text{Principal} \times \text{Rate} \times 30 \)

- Simplifying, \( 2 = \text{Rate} \times 30 \)

- Solving for Rate:

\text{Rate} = \frac{2}{30} = 0.0667 \text{ or } 6.67\%

- Option 1: 3.33% – Too low, doesn't fit the calculation.

- Option 2: 6.67% – Matches our calculated rate.

- Option 3: 8.33% – Too high for the given question.

- Option 4: 4.75% – Doesn't match the calculated rate.

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