Quant Exam  >  Quant Questions  >  A sum of money triples itself in 3 years at a... Start Learning for Free
A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?

  • a)
    5 years

  • b)
    8 years

  • c)
    4 years

  • d)
    6 years

  • e)
    None of these

Correct answer is option 'D'. Can you explain this answer?
Verified Answer
A sum of money triples itself in 3 years at a simple interest. In how ...
The correct option is Option B.


For 3 yrs


SI = P*R*T/100


3P-P = P*R*3/100


2P = 3P*R/100


R = 200/3


Money will become 5 times


5P - P = (P*200/3*T)/100


4P = (2/3P)T


T = 6


Money will become five times in 6 years
View all questions of this test
Most Upvoted Answer
A sum of money triples itself in 3 years at a simple interest. In how ...
First of all , the answer given here is incorrect .

The correct answer is 6 years .

SHORTCUT METHOD :-

(TIMES - 1) / YEAR = (TIMES - 1) / YEAR ;

TIMES - represent's doubles itself,triples itself etc...,

Now ,
( 3-1)/3 =( 5-1)/n ;

2/3 = 4/n ;

n = 6 years ;
Free Test
Community Answer
A sum of money triples itself in 3 years at a simple interest. In how ...
Solution:

Let's assume the initial sum of money is 'P'.

Given that the sum of money triples itself in 3 years at a simple interest, we can calculate the simple interest earned in 3 years.

Using the formula for simple interest, we have:

Simple Interest (SI) = (P * R * T) / 100

Where:
P = Principal amount (initial sum of money)
R = Rate of interest per annum
T = Time period in years

Since the sum of money triples itself in 3 years, the final amount after 3 years will be 3P.

Therefore, the simple interest earned in 3 years is:

SI = 3P - P = 2P

To find the rate of interest, we divide the simple interest by the product of the principal amount and the time period:

R = (SI * 100) / (P * T)

Substituting the values, we get:

R = (2P * 100) / (P * 3)
R = 200 / 3

Now, we need to find the time period in which the sum of money will multiply five times.

Let's assume the required time period is 't' years.

Using the formula for compound interest, we have:

Final Amount (A) = P * (1 + R/100)^t

Since the sum of money triples itself in 3 years, the final amount after 3 years is 3P.

Therefore, the final amount after 't' years will be:

A = P * (1 + R/100)^t

As the sum of money multiplies five times, the final amount will be 5P.

Therefore, we have:

5P = P * (1 + R/100)^t

Simplifying the equation, we get:

(1 + R/100)^t = 5

Taking the logarithm on both sides, we have:

t * log(1 + R/100) = log(5)

Now, substituting the value of R, we have:

t * log(1 + 200/300) = log(5)
t * log(3/2) = log(5)

Dividing both sides by log(3/2), we get:

t = log(5) / log(3/2)

Using logarithmic properties, we can simplify the equation further:

t = log(5) / log(3) - log(2)

Calculating the values using a calculator, we find:

t ≈ 5.7 years

Therefore, the sum of money will multiply five times in approximately 5.7 years, which is closest to 6 years.

Hence, the correct answer is option D) 6 years.
Explore Courses for Quant exam
A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. Can you explain this answer?
Question Description
A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. 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 triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. 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 triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. Can you explain this answer?.
Solutions for A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. 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 triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?a)5 yearsb)8 yearsc)4 yearsd)6 yearse)None of theseCorrect answer is option 'D'. 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.
10M+ students study on EduRev