Question : At a certain rate of Simple Interest, a certain sum of money becomes double itself in 10 years. It will become triple of itself in:
Option 1: 15 years
Option 2: 18 years
Option 3: 20 years
Option 4: 30 years
Correct Answer: 20 years
Solution :
Let the sum be P.
Total amount after 10 years = 2P
Simple Interest in 10 years = 2P – P = P
If total amount = 3P,
Simple Interest = 2P
Using the unitary method,
Since, in 10 years interest is P
Therefore, 2P interest will be received in 20 years.
Hence, the correct answer is 20 years.
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