At what rate of simple interest will a sum of money triple itself in 8 years?

Correct option is C

Given:

The sum of money triples itself in 8 years.

Formula Used:

SI $$= \frac{P \times R \times T}{100}$$​

Where:

P = Principal

R = Rate of interest

T = Time

Solution:

When the sum triples itself, the total amount A becomes three times the principal P, i.e., A = 3P.

We also know that:

A = P + SI

3P $$= P + \frac{P \times R \times T}{100}$$​

2P = $$\frac{P \times R \times T}{100}$$​​

2 =$$\frac{R \times 8}{100}$$​

R =$$\frac{2 \times 100}{8}$$​= 25%

The rate of interest is 25% per annum.