Question : How long (In years) will a sum of money invested at 6% per annum simple interest increase its value by 40%?
Option 1: $6\frac{2}{3}$
Option 2: $5\frac{2}{3}$
Option 3: $6\frac{1}{3}$
Option 4: $4\frac{1}{3}$
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Correct Answer: $6\frac{2}{3}$
Solution :
Let the principal amount be Rs. 100
Given, the rate of interest = 6%
Simple interest = $\frac{40}{100}\times {100}$ = Rs. 40
Simple interest after $t$ years on Rs. 100 = $\frac{\text{Principal × Rate × Time}}{100}=\frac{100\times 6\times t}{100}=6t$
According to the question,
$6t=40$
$⇒t=6\frac{2}3\%$
Hence, the correct answer is $6\frac{2}{3}$.
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