If a sum of money doubles itself in 16 years at simple interest, then the annual interest rate must be 100%/16 = 6.25%. To find out how long it will take for the money to triple itself, we can use the formula for simple interest: A = P*(1 + r*t)where A is the final amount, P is the initial principal, r is the annual interest rate, and t is the time in years. Let's assume that the initial principal is 1, so that we can easily calculate the final amount needed for tripling. For tripling, we need:3*1 = 1*(1 + 6.25%*t)Simplifying this equation, we get:3 = 1 + 0.0625*t2 = 0.0625*tt = 32 years-Therefore, it will take 32 years for the sum of money to triple itself at the same simple interest rate of 6.25%.
