Question : If a sum triples in 4 years at simple interest, find the time that it would take to become 5 times itself at the same rate of interest.
Option 1: 6 years
Option 2: 8 years
Option 3: 5 years
Option 4: 3 years
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Correct Answer: 8 years
Solution : Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ Let the sum invested be P. The amount received after 4 years = 3P Interest = Amount – Principal = 3P – P = 2P ⇒ 2P = $\frac{\text{P × Rate × 4}}{100}$ ⇒ Rate = 50% The amount to become 5 times = 5P Interest = Amount – Principal = 5P – P = 4P ⇒ 4P = $\frac{\text{P × 50 × Time}}{100}$ ⇒ Time required = 8 years Hence, the correct answer is 8 years.
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