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A certain sum of money becomes double of itself in 5 years at a rate of simple interest. In how many years will it become 16 times of itself at the same rate of simple interest?1). 202). 603). 754). No option is correct. |
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Answer» A amount is DOUBLED when it GETS the same amount as interest. So if we have to MAKE money 16 times then its interest would be 15 times. Time taken to 1 time interest = 5 YEARS ∴ Time taken to get 15 times interest = 15 × 5 = 75 years |
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