Correct option is C
Given:
The sum of money becomes three times of itself in 24 years.
Formula Used:
In simple interest, the total amount A after t years is given by:
A = P + SI
where:
P is the principal amount,
SI is the simple interest,
A is the total amount after t years.
We also know the formula for simple interest:
where R is the rate of interest per annum, and t is the time in years.
Solution:
Since the sum becomes three times of itself, the total amount is:
A = 3P
The simple interest earned will be:
SI = A – P = 3P − P = 2P
Using the formula for simple interest:
Thus, The rate of simple interest is 8.33% per annum.
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