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  4. A sum of money triples itself in 3 years at compound interest. In how many years will it become 9 times itself?

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Q. A sum of money triples itself in 3 years at compound interest. In how many years will it become 9 times itself?

Simple Interest and Compound Interest

Solution:

(i) Use formula for amount and then use laws of indices.
(ii) Let $3 P=P\left(1+\frac{R}{100}\right)^3$, find $R$.
(iii) Let $9 P=P\left(1+\frac{R}{100}\right)^n$, find $n$