Question

Palak has Rs. 18000 in her account. After giving this money to Suman on simple interest, Palak received the double amount after 8 years. If the interest rate is 10 more than the previous, in how many years this amount will be doubled?

• A. 8
• B. 4.44
• C. 6.2
• D. 4.8

Answer 1

Answer:

B. 4.44

Let R be the rate of interest. T = 8years Money becomes double, it mean Amount = 18000 × 2 = 36000 Interest will be 18000 (36000 - 18000) ⇒ 18000 × R × 8/100 = 18000 R = 12.5% After that Rate increased by 10%, R' = 12.5 + 10 = 22.5% Let in T' time money becomes double. ⇒ 18000 × 22.5 × T'/100 = 18000 T' = 40/9 = 4.44 years