Quant Exam > Quant Questions > A sum of money invested at simple interest tr...
Start Learning for Free
A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?
- a)24 years
- b)28 years
- c)30 years
- d)21 years
Correct answer is option 'B'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
A sum of money invested at simple interest triples itself in 8 years a...
In 8 years, the interest earned = 200% Thus, per year interest rate = 200/8 = 25% To become 8 times we need a 700% increase 700/25 = 28 years.
Most Upvoted Answer
A sum of money invested at simple interest triples itself in 8 years a...
Given:
- A sum of money triples itself in 8 years at simple interest.
To find:
- In how many years will it become 8 times itself at the same rate?
Solution:
Let's assume the sum of money to be x.
After 8 years at simple interest, the sum of money becomes 3x.
Let the required time be y years.
After y years at the same rate, the sum of money becomes 8x.
Formula:
Simple Interest = (P * R * T)/100
Calculation:
Using the formula of Simple Interest, we can find the rate of interest.
For the first case:
3x = x + (x * R * 8)/100
2x = (x * R * 8)/100
R = 25%
For the second case:
8x = x + (x * 25 * y)/100
7x = (x * 25 * y)/100
y = 28 years
Therefore, the sum of money will become 8 times itself after 28 years at the same rate.
Answer: Option B) 28 years
- A sum of money triples itself in 8 years at simple interest.
To find:
- In how many years will it become 8 times itself at the same rate?
Solution:
Let's assume the sum of money to be x.
After 8 years at simple interest, the sum of money becomes 3x.
Let the required time be y years.
After y years at the same rate, the sum of money becomes 8x.
Formula:
Simple Interest = (P * R * T)/100
Calculation:
Using the formula of Simple Interest, we can find the rate of interest.
For the first case:
3x = x + (x * R * 8)/100
2x = (x * R * 8)/100
R = 25%
For the second case:
8x = x + (x * 25 * y)/100
7x = (x * 25 * y)/100
y = 28 years
Therefore, the sum of money will become 8 times itself after 28 years at the same rate.
Answer: Option B) 28 years
|
Explore Courses for Quant exam
|
|
Similar Quant Doubts
A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer?
Question Description
A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer?.
A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer?.
Solutions for A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant.
Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?a)24 yearsb)28 yearsc)30 yearsd)21 yearsCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice Quant tests.
|
|
Explore Courses for Quant exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup