Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
In how many years will money triple itself at 5% simple interest per year?
- 60 years
- 14.4 years
- 42 years
- 40 years
Answer
D. 40 years
Solution
Interest must equal 2 × principal: 2 = rt → t = 2/0.05 = 40 years.
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