Select the correct answerA sum of money becomes 3 times in 12 years. In how many years it will become 5 times at the same rate of simple interest?Options20 years24 years30 years16 years
Question
Select the correct answerA sum of money becomes 3 times in 12 years. In how many years it will become 5 times at the same rate of simple interest?Options20 years24 years30 years16 years
Solution
The problem is about simple interest.
Given that a sum of money becomes 3 times in 12 years, we can say that the interest doubled the principal in 12 years.
So, the rate of interest is (2/1) / 12 = 1/6 per year.
Now, we want to find out in how many years it will become 5 times. This means the interest will be 4 times the principal.
Using the formula of simple interest, Time = (Interest/Principal) / Rate, we can substitute the values:
Time = (4/1) / (1/6) = 24 years.
So, the correct answer is 24 years.
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