How long will it take $700 to triple itself at 10% simple interest?

1 Answer
Nov 30, 2016

Answer:

20 payments

Explanation:

#$700+(10/100xx$700) # is 1 payment

Let the count of payments be #x#

#$700+x(10/100xx$700)=3xx$700#

#x(10/100xx$700)=(3xx$700) - £700#

#x($70)=$1400#

#x=($1400)/($70) = 140/7=20#