Question : A certain sum becomes 4 times of itself in 5 years at a rate of simple interest. In 15 years it will become how many times of itself at the same rate of simple interest?
Option 1: 12
Option 2: 10
Option 3: 9
Option 4: 8
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Correct Answer: 10
Solution :
Given,
A sum becomes 4 times itself in 5 years
Time = 15 years
Let the principal be $P$.
So, interest in 5 years $\small=4P - P = 3P$
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ Rate $= \frac{3P\times100}{P\times5}=60$%
In 15 years, the sum becomes:
$=P + \frac{\text{Principal × Rate × Time}}{100}$
$= P + \frac{P\times60\times15}{100}$
$=P + 9P$
$ = 10P$
Hence, the correct answer is 10.
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