We read your photo as:
How many years will it take for an investment to treble at an annual interest rate of 10%?
Mathematics
ScanSolve AI Answer
Answer
Step-by-step solution
3 stepsIdentify the formula for simple interest and the given values.
The formula for simple interest is , where:
- is the final amount
- is the principal amount (initial investment)
- is the annual interest rate (as a decimal)
- is the time in years
From the problem:
- The money needs to treble, so .
- The interest rate is per annum, so .
Substitute the values into the formula.
Solve for .
Divide both sides by :
Subtract 1 from both sides:
Divide by 0.10:
It will take 20 years for the amount of money to treble.
The final answer is .
Was this helpful?
Try one yourself
A new problem that tests the same skill.
Still stuck on this one?
Ask a follow-up, and the answer starts from this question.
Got a different question?Ask your own question
More Mathematics Questions
QAt what annual interest rate must 137000 be invested so that it will grow to be 475009 in 14 yearsQCalculate the time in years for an investment of N15,000 at a 5% simple annual interest rate to…QRiya invests ₹ 10,000 in a savings account that offers an annual compound interest rate of 8%…QHow many years will it take for 136000dollars to grow to be 468000dollars if it is invested in…QBipin wants to invest Rs 1,00,000 for 2 years. Calculate the compound interest for annual…

Handwritten Step-by-Step Solution
Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.
Try on WhatsApp