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Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.?
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Find in what time a given sum of money will quadruple itself at simple...
Understanding Simple Interest
Simple interest can be calculated using the formula:
- Simple Interest (SI) = Principal (P) × Rate (R) × Time (T)
Where:
- P = Principal amount
- R = Rate of interest per time period
- T = Time period
Given Information
- The goal is for the sum of money to quadruple.
- Rate of interest = 1 paise per rupee per month, which is equivalent to 1/100 rupee per rupee per month or 12% per annum.
Calculating the Required Interest
To quadruple the principal, the total amount (A) must be four times the principal:
- A = 4P
The simple interest earned (SI) will then be:
- SI = A - P = 4P - P = 3P
Setting Up the Equation
Using the simple interest formula:
- 3P = P × (12/100) × T
Here, the principal (P) cancels out:
- 3 = (12/100) × T
Now, rearranging for T:
- T = 3 × (100/12)
Calculating Time
- T = 25 months
Thus, it will take 25 months for the initial sum of money to quadruple at a simple interest rate of 1 paise per rupee per month.
Conclusion
In summary, at a simple interest rate of 1 paise per rupee per month, a sum of money will quadruple itself in 25 months. This concept highlights the straightforward nature of simple interest, making it easier to understand how time and rate affect the growth of an investment.
Simple interest can be calculated using the formula:
- Simple Interest (SI) = Principal (P) × Rate (R) × Time (T)
Where:
- P = Principal amount
- R = Rate of interest per time period
- T = Time period
Given Information
- The goal is for the sum of money to quadruple.
- Rate of interest = 1 paise per rupee per month, which is equivalent to 1/100 rupee per rupee per month or 12% per annum.
Calculating the Required Interest
To quadruple the principal, the total amount (A) must be four times the principal:
- A = 4P
The simple interest earned (SI) will then be:
- SI = A - P = 4P - P = 3P
Setting Up the Equation
Using the simple interest formula:
- 3P = P × (12/100) × T
Here, the principal (P) cancels out:
- 3 = (12/100) × T
Now, rearranging for T:
- T = 3 × (100/12)
Calculating Time
- T = 25 months
Thus, it will take 25 months for the initial sum of money to quadruple at a simple interest rate of 1 paise per rupee per month.
Conclusion
In summary, at a simple interest rate of 1 paise per rupee per month, a sum of money will quadruple itself in 25 months. This concept highlights the straightforward nature of simple interest, making it easier to understand how time and rate affect the growth of an investment.
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Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.?
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Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.? for SSC CHSL 2025 is part of SSC CHSL preparation. The Question and answers have been prepared according to the SSC CHSL exam syllabus. Information about Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.? covers all topics & solutions for SSC CHSL 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.?.
Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.? for SSC CHSL 2025 is part of SSC CHSL preparation. The Question and answers have been prepared according to the SSC CHSL exam syllabus. Information about Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.? covers all topics & solutions for SSC CHSL 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find in what time a given sum of money will quadruple itself at simple interest at the rate of 1 paise per rupee per month.?.
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