Question : At what time does a sum of money amount to twice itself at the simple interest of 25% per annum?
Option 1: 8 years
Option 2: 2 years
Option 3: 4 years
Option 4: 10 years
New: SSC MTS Tier 1 Answer key 2024 out
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: 4 years
Solution : Given: A sum of money amounts to twice itself at the simple interest of 25% per annum. Let the principal be INR $x$. According to the question, Total amount $=2x$ $\therefore$ Simple interest = $2x-x=x$ Also, We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ So, $x=\frac{x\times 25\times \text{Time}}{100}$ ⇒ Time $=4$ years Hence, the correct answer is 4 years.
Answer Key | Cutoff | Selection Process | Preparation Tips | Eligibility | Application | Exam Pattern
Question : A certain sum of money amounts to $\frac{3}{2}$ of itself in 2 years applying simple interest. Find the rate of simple interest per annum.
Question : A sum of Rs. 11,500 amounts to Rs. 12,880 in 2 years at the rate of simple interest. What is the rate of interest?
Question : At a certain rate of interest per annum, compounded annually, a certain sum of money amounts to two times itself in 11 years. In how many years will the sum of money amount to four times itself at the previous rate of interest per annum, also compounded annually?
Question : The simple interest on a certain sum of money for 2 years at 7% per annum is double the compound interest on INR 1,000 for 2 years at 10% per annum, compounded annually. What is the sum placed on simple interest?
Question : A certain sum of money amounts to 3 times itself in 13 years when interest is compounded annually at a certain interest rate per annum. In how many years will the initial sum amount to 9 times itself at the same interest rate per annum, also compounded annually?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile