Question : At what annual rate (rounded off to the nearest integer) of simple interest will a sum of money become five times its initial value in 18 years?
Option 1: 18%
Option 2: 20%
Option 3: 22%
Option 4: 24%
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Correct Answer: 22%
Solution :
Given. Time = 18 years
Let the principal be $x$.
The sum of money after 18 years = $5x$
Simple interest = $5x-x=4x$
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
$⇒4x=\frac{x× \text{Rate}×18}{100}$
$\therefore$ Rate = $\frac{400}{18}=22.22\approx 22$%
Hence, the correct answer is 22%.
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