Question : An amount becomes double in 8 years on simple interest. In how many years would Rs. 25,000 become Rs. 1,00,000 with the same rate of interest?
Option 1: 32
Option 2: 28
Option 3: 16
Option 4: 24
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Correct Answer: 24
Solution : Let the principal sum be P and the rate be R. Simple Interest, SI = P Time, n = 8 years Simple Interest =$\frac{\text{Principal×Rate×Time}}{100}$ ⇒ P = $\frac{P×R×8}{100}$ ⇒ R = $\frac{100}{8}$ = 12.5% ⇒ P = Rs. 25,000 Total amount = P + Simple interest 100000 = 25000 + Simple interest $\therefore$ Simple interest = 75000 Simple interest =$\frac{\text{Principal×Rate×Time}}{100}$ ⇒ 75000 = $\frac{25000×12.5×n}{100}$ ⇒ $n = 3 × 8 = 24$ years Hence, the correct answer is 24.
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