This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
You're on a roll — Step 1: Identify the formula for simple interest and the given values. The formula for simple interest is A = P(1 + rt), where: • A is the final amount • P is the principal amount (initial investment) • r is the annual interest rate (as a decimal) • t is the time in years From the problem: • The money needs to treble, so A = 3P. • The interest rate is 10\% per annum, so r = 0.10. Step 2: Substitute the values into the formula. 3P = P(1 + 0.10t) Step 3: Solve for t. Divide both sides by P: 3 = 1 + 0.10t Subtract 1 from both sides: 2 = 0.10t Divide by 0.10: t = (2)/(0.10) t = 20 It will take 20 years for the amount of money to treble. The final answer is 20 years. Drop the next question.