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    A sum of money doubles in 14 years. In how many years would it triple if the rate of interest is considered as simple?
    Question

    A sum of money doubles in 14 years. In how many years would it triple if the rate of interest is considered as simple?

    A.

    25 years

    B.

    28 years

    C.

    18 years

    D.

    23 years

    Correct option is B

    A = P(1 + rt)
    where, A is the total amount, P is the principal, r is the rate of interest per
    year, and  t is the time in years.
    According to question,
    If the money doubles in 14 years, A = 2P and t = 14.
    2P = P(1 + r x 14)
    2 = 1 + 14r
    14r = 1
    r = 1/14 (per year).
    For the money to triple, A = 3P.
    3P = P(1 + r x t)
    3 = 1 + (1/14) x t
    (1/14) x t = 2
    t = 2 x 14 = 28 years.

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