SOLUTION: At what simple interest rate will a sum triple itself in 15 years?

Question 1124867: At what simple interest rate will a sum triple itself in 15 years?
Found 2 solutions by amarjeeth123, MathTherapy:
Answer by amarjeeth123(570) (Show Source): You can put this solution on YOUR website!
Let the principal be x.
Then the amount is 3x.
Let the rate be r.
Time=t=15 years
In simple interest amount=P*t*r/100
Plugging in the values we get,
3x=x*15*r/100
Multiplying both sides of the equation by 100 we get,
3x*100=15rx
300x=15rx
15r=300
r=20
The rate of interest is 20%.
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!

At what simple interest rate will a sum triple itself in 15 years?

It's NOT 20%, as someone claims.
Correct answer:
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