Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
In how many years will money triple itself at 8% simple interest per year?
- 37.5 years
- 9 years
- 25 years
- 27 years
Answer
C. 25 years
Solution
Interest must equal 2 × principal: 2 = rt → t = 2/0.08 = 25 years.
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