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A sum of money put at simple interest trebles itself in 15 years. The rate per cent per annum is?

131/3%
162/3%
122/3%
20%

Correct Answer: 131/3%

Explanation:

Let principal = P
Then, SI = 2P & Time = 15 years
∴ Required rate = (100 x SI) / (P x T) = (100 x 2P) / (P x 15) = 200/15 = 13¹/₃ per annum

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