Multiple choice

At what % of simple interest will the interest accumulated after a period of 15 years on the amount of Rs. 12,500 be three times the actual amount?

  1. 20%

  2. 19%

  3. 18%

  4. 17%

  5. 16%
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A Correct answer
Explanation

Simple interest I = P * R * T / 100. We want I = 3 * P. So 3 * P = P * R * 15 / 100. Dividing by P, 3 = 15 * R / 100. R = 300 / 15 = 20%.

AI explanation

The accumulated simple interest must equal three times the principal, so we set the simple interest formula equal to 3P, giving (P * R * 15) / 100 = 3P. Dividing both sides by P leaves 15R / 100 = 3, which simplifies to 15R = 300. Solving this equation gives R = 20%.

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