A sum of money becomes 3 times itself in 5 years. In how many years wi

1.	A sum of money becomes 3 times itself in 5 years. In how many years will this amount become 5 times of itself at the same interest rate?A. 5 yearsB. 10 yearsC. 9 yearsD. 8 years1. A2. C3. B4. D
Answer» Correct Answer - Option 3 : B Given: A sum of money becomes 3 times itself in 5 years. Concept used: Simple interest, SI = P × R × T/100 Where P is principal, R is the rate of interest and T is the time period. Amount, A = P + SI Calculation: Amount, 3P = P + P × R × 5/100 2P = 5PR/100 Or, 40% Amount = 5P = P + 40% × P × T/100 4P = 4PT/10 Or, T = 10 years ∴ Time taken for amount to become 5 times itself is 10 years.

A sum of money becomes 3 times itself in 5 years. In how many years will this amount become 5 times of itself at the same interest rate?A. 5 yearsB. 10 yearsC. 9 yearsD. 8 years1. A2. C3. B4. D

Answer» Correct Answer - Option 3 : B

Given:

A sum of money becomes 3 times itself in 5 years.

Concept used:

Simple interest, SI = P × R × T/100

Where P is principal, R is the rate of interest and T is the time period.

Amount, A = P + SI

Calculation:

Amount, 3P = P + P × R × 5/100

2P = 5PR/100

Or, 40%

Amount = 5P = P + 40% × P × T/100

4P = 4PT/10

Or, T = 10 years

∴ Time taken for amount to become 5 times itself is 10 years.

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A sum of money becomes 3 times itself in 5 years. In how many years will this amount become 5 times of itself at the same interest rate?A. 5 yearsB. 10 yearsC. 9 yearsD. 8 years1. A2. C3. B4. D

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