Question : In what least number of complete years does a sum of money become more than four times itself at the rate of 50% per annum on simple interest?
Option 1: 9 years
Option 2: 7 years
Option 3: 6 years
Option 4: 5 years
Latest: SSC CGL Tier 1 Result 2024 Out | SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL Tier 1 Scorecard 2024 Released | SSC CGL complete guide
Suggested: Month-wise Current Affairs | Upcoming Government Exams
Correct Answer: 7 years
Solution : Let's suppose, in $Q$ years a sum of money, say $P$ becomes four times itself at the rate of 50% per annum on simple interest. We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ According to the question, $P+\frac{P(50)(Q)}{100}=4P$ ⇒ $\frac{PQ}{2}=4P - P$ ⇒ $\frac{Q}{2}=3$ $\therefore Q=6$ So, to become more than four times itself, the principal must take at least 6 + 1 = 7 years Hence, the correct answer is 7 years.
Candidates can download this ebook to know all about SSC CGL.
Admit Card | Eligibility | Application | Selection Process | Preparation Tips | Result | Answer Key
Question : In how much time will the simple interest on a certain sum of money be $\frac{6}{5}$th times of the sum at 20% per annum?
Question : Rohan borrowed a certain sum of money at simple interest. The rate of interest was 3% per annum for the first 3 years, 4% per annum for the next 5 years and 6% per annum for the next 7 years. If he paid Rs. 2,059 as interest, then what is the sum borrowed (in Rs.)?
Question : A sum of money doubles itself in 7 years at simple interest. In how much time will it become 5 times itself?
Question : If a sum of money becomes Rs. 4000 in 2 years and Rs. 5500 in 4 years and 6 months, at the same rate of simple interest per annum, the rate of simple interest is:
Question : A certain sum of money becomes triple itself in 26 years at simple interest. In how many years it will become five times of itself?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile