Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
In how many years will money triple itself at 12.5% simple interest per year?
- 24 years
- 5.76 years
- 18 years
- 16 years
Answer
D. 16 years
Solution
Interest must equal 2 × principal: 2 = rt → t = 2/0.125 = 16 years.
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