Related The time required for a sum of money to amount to five times itself at 16% simple interest p.a. will bea)25 yearsb)20 yearsc)15 yearsd)18 yearsCorrect answer is option 'A'. Can you explain this answer? Show
GIVEN: Rate of Interest = 16% FORMULA USED: Simple Interest = (P × R × T)/100 CALCULATION: Let Principal = x Amount = 5x Simple Interest = 5x - x=4x Simple Interest = (P × R × T)/100 4x = (x × 16 × T)/100 T = 25 years. Alternate method: Principal (100) → amount (500) So, interest = 500 - 100 = 400 @ 16% Therefore, required time = 400/16 = 25 years Let the sum of money be x Amount = 3 × Rs x = Rs 3x Interest = Amount – Principal = Rs 3x – Rs x = Rs 2x Rate =13 \frac{1}{3} \% \text { p.a. } = 40 / 3 % p.a. Time (T) = (I × 100) / (P × R) = (2x × 100) / x × (40 / 3) years On further calculation, we get, = (2 × 100 × 3) / 40 years = (100 × 3) / 20 years We get, = 5 × 3 years = 15 years
Post your comments here:Name *: Email : (optional) » Your comments will be displayed only after manual approval. How long will it take for an amount to become 5 times of itself at 5% per annum simple interest?Thus, it will take 8 years.
How long will it take for an amount to become 5 times of itself at 20% per annum simple interest?<br> We have simple interest `=(PTR)/(100)`. <br> `rArr 4x = (x xx n xx 20)/(100)` <br> `rArr 4 = (n)/(5) rArr n= 20` <br> `therefore` In 20 years, the sum becomes 5 times itself. <br> Hence, the correct option is (a).
How many years will the sum becomes 5 times itself?A sum becomes 5 times of itself in 3 years. at compound interest (interest is compounded annually). Let the sum becomes 125 times in n years. ∴ In 9 years it will become 125 times.
What should be the interest rate for an amount to become 5 times of itself at simple interest in 50 years?Rate=P×T100×SI=15100×4x=15400=26.
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