Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
In how many years will money triple itself at 2% simple interest per year?
- 100 years
- 150 years
- 36 years
- 102 years
Answer
A. 100 years
Solution
Interest must equal 2 × principal: 2 = rt → t = 2/0.02 = 100 years.
More Simple Interest and Profit/Loss questions
- A fruit dealer buys 66 crates of mangoes at ₱3,300 per crate. 8 crates spoil and are thrown away. The rest are sold at ₱4,510 per crate…
- Joy deposited ₱78,000 in one bank at 6% and ₱65,000 in another at 10% simple interest. What is the average (overall) rate of return per…
- On ₱45,000 at 6% for 180 days, how much more is the ordinary interest (360-day year) than the exact interest (365-day year)?
- What amount must be invested now at 10% simple interest to have ₱123,200 after 6 years?
- A lender charges 10% simple interest PER MONTH. If Gino borrows ₱39,000 for 4 months, how much must be repaid in total?
- An item costs ₱5,600. At what price should it be marked so that after giving a 20% discount, the store still earns 25% profit on cost?
- A manufacturer sells a fan to a wholesaler at 10% profit, the wholesaler sells to a retailer at 20% profit, and the retailer sells to a…
- The cost price of 14 items equals the selling price of 9 items. What is the percent profit?
- Two phones were each sold for ₱12,700. One was sold at a 10% gain and the other at a 10% loss (both on cost). What was the overall result?
- An appliance has a cash price of ₱25,000. On installment, the buyer pays 20% down and the balance plus 12% per year simple (add-on)…