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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 |
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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. |
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