Answer:
ans.
Step-by-step explanation:
Let's denote the initial amount as \( P \) and the rate of interest as \( r \).
If the sum of money doubles in 6 years, we can use the compound interest formula:
\[ A = P \left(1 + \frac{r}{100}\right)^t \]
where \( A \) is the final amount after time \( t \).
For doubling, \( A = 2P \) and \( t = 6 \) years. We can set up the equation:
\[ 2P = P \left(1 + \frac{r}{100}\right)^6 \]
Now, to find the time it takes to triple the initial amount in the same rate, we set \( A = 3P \) and solve for \( t \) with a time of 5 years:
\[ 3P = P \left(1 + \frac{r}{100}\right)^5 \]
Now, you can solve for \( t \) in the second equation. Note that the rate \( r \) is the same in both cases, as per the problem statement.
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Answers & Comments
Answer:
ans.
Step-by-step explanation:
Let's denote the initial amount as \( P \) and the rate of interest as \( r \).
If the sum of money doubles in 6 years, we can use the compound interest formula:
\[ A = P \left(1 + \frac{r}{100}\right)^t \]
where \( A \) is the final amount after time \( t \).
For doubling, \( A = 2P \) and \( t = 6 \) years. We can set up the equation:
\[ 2P = P \left(1 + \frac{r}{100}\right)^6 \]
Now, to find the time it takes to triple the initial amount in the same rate, we set \( A = 3P \) and solve for \( t \) with a time of 5 years:
\[ 3P = P \left(1 + \frac{r}{100}\right)^5 \]
Now, you can solve for \( t \) in the second equation. Note that the rate \( r \) is the same in both cases, as per the problem statement.