Question

In how many years will a sum of money become sixteen times itself at 30% p.a. simple interest?

• A. 25
• B. 30
• C. 50
• D. 40

Answer 1

Answer:

C. 50

Solution: Given: R = 30% Formula used: Simple interest = PRT/100 Amount = Principal + Simple interest Calculation: Let principal be X Rs. and time be taken T years to become it 16X. ⇒ P = X Rs. and A = 16X Rs. ⇒ S.I. = 16X - X = 15X ⇒ 15X = PRT/100 ⇒ 15X = (X × 30 × T)/100 ⇒ 100 = 2T ⇒ T = 50 years. ∴ In 50 years a sum of money will become sixteen times.