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A sum of money becomes 3 times in 5 years under simple interest. In how many years it will become 5 times at the same rate of simple interest?
- a)15 years
- b)8 years
- c)12 years
- d)10 years
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
A sum of money becomes 3 times in 5 years under simple interest. In ho...
As per given statement,
(P X 5 X R)/100 = 2P
R = 40%
In second case,
(P X T X 40)/100 = 4P
=> T = 10 years
Most Upvoted Answer
A sum of money becomes 3 times in 5 years under simple interest. In ho...
To solve this problem, we can use the formula for simple interest:
Simple Interest = Principal x Rate x Time
Let's assume the initial sum of money is P.
According to the problem, the money becomes 3 times in 5 years. This means that the final amount (3P) is 3 times the initial amount (P), and the interest earned is equal to the final amount minus the initial amount (3P - P = 2P).
Using the formula for simple interest, we can write:
2P = P x R x 5
Simplifying this equation, we get:
2 = 5R
Solving for the rate (R), we find:
R = 2/5
Now, we need to calculate the time it will take for the money to become 5 times the initial amount.
Let's assume the time required is T.
Using the formula for simple interest again, we can write:
4P = P x (2/5) x T
Simplifying this equation, we get:
4 = (2/5)T
Multiplying both sides by 5/2, we find:
T = 4 x (5/2)
T = 10
Therefore, the money will become 5 times the initial amount in 10 years. Thus, the correct answer is option 'D'.
Simple Interest = Principal x Rate x Time
Let's assume the initial sum of money is P.
According to the problem, the money becomes 3 times in 5 years. This means that the final amount (3P) is 3 times the initial amount (P), and the interest earned is equal to the final amount minus the initial amount (3P - P = 2P).
Using the formula for simple interest, we can write:
2P = P x R x 5
Simplifying this equation, we get:
2 = 5R
Solving for the rate (R), we find:
R = 2/5
Now, we need to calculate the time it will take for the money to become 5 times the initial amount.
Let's assume the time required is T.
Using the formula for simple interest again, we can write:
4P = P x (2/5) x T
Simplifying this equation, we get:
4 = (2/5)T
Multiplying both sides by 5/2, we find:
T = 4 x (5/2)
T = 10
Therefore, the money will become 5 times the initial amount in 10 years. Thus, the correct answer is option 'D'.
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A sum of money becomes 3 times in 5 years under simple interest. In how many years it will become 5 times at the same rate of simple interest?a)15 yearsb)8 yearsc)12 yearsd)10 yearsCorrect answer is option 'D'. Can you explain this answer?
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