At certain rate of interest it takes 8 years for the amount to become twice the principal when computed by simple interest. If calculated at the same rate,how many years will be required for the amount to become thrice the principal?
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Answer:
This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if … So over the course of five years, you would earn a total of $250 in interest. When the … A 4% annual rate paid quarterly would be divided into four 1% payments.
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