1.

The time required for a sum of money to amount to five times itself at 16% simple interest p.a. will be1). 10 years2). 15 years3). 30 years4). 25 years

Answer»

<P>LET the sum of money be Rs. x and the time required to amount to five times itself be t years.

So, the interest in t year should be Rs. 4x.

In case of simple interest, we KNOW,

(P × T × R)/100 = SI

Where, P = PRINCIPAL amount, T = Duration in years, i = Interest rate per year, SI = Total simple interest

Then,

x × t × 16% = 4x

⇒ t × (16/100) = 4

⇒ t = 400/16 = 25

∴ The required time = 25 years.


Discussion

No Comment Found

Related InterviewSolutions