Select the correct answerA lends a sum of money for 10 years at 5% SI. B lends double the amount for 5 years at the same rate of interest. Which of the following statements is true in this regard?OptionsA will get twice the amount of interest that B would getA will get the same amount of interest that B would getB will get four times the amount of interest that A would getB will get twice the amount of interest that A would ge
Question
Select the correct answerA lends a sum of money for 10 years at 5% SI. B lends double the amount for 5 years at the same rate of interest. Which of the following statements is true in this regard?OptionsA will get twice the amount of interest that B would getA will get the same amount of interest that B would getB will get four times the amount of interest that A would getB will get twice the amount of interest that A would ge
Solution
The formula for Simple Interest (SI) is SI = PRT/100, where P is the principal amount, R is the rate of interest, and T is the time in years.
For A: P = P (let's assume the principal amount is P) R = 5% T = 10 years So, SI for A = P510/100 = 0.5P
For B: P = 2P (as B lends double the amount) R = 5% T = 5 years So, SI for B = 2P55/100 = 0.5P
Comparing the SI of A and B, we see that A will get the same amount of interest that B would get. So, the correct answer is "A will get the same amount of interest that B would get".
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