Question

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

Answer 1

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`