If a sum of money grows to its 1.21 times when invested for 2 years in...

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If a sum of money grows to its 1.21 times when invested for 2 years in a scheme where interest is compounded annually, how long will the same money take it to triple if invested at the same rate of interest in a scheme where interest is computed using simple interest method? 1. 22 years 2. 10 years 3. 15 years 4. 20 years 5. None of these If a sum of money grows to its 1.21 times when invested for 2 years in a scheme where interest is compounded annually, how long will the same money take it to triple if invested at the same rate of interest in a scheme where interest is computed using simple interest method? 1. 22 years 2. 10 years 3. 15 years 4. 20 years 5. None of these

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Solution 4 If p be the principal invested then it has grown to 121p i... View the full answer