Question : The rate at which a sum becomes four times itself in 12 years, at simple interest, will be:
Option 1: 20%
Option 2: 25%
Option 3: 35%
Option 4: 30%
Answer (1)
23rd Jan, 2024
Correct Answer: 25%
Solution :
Let the sum be $P$.
Simple interest $=4P - P = 3P$
Time = 12 years
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ Rate = $\frac{3P \times 100}{P \times 12}$
$\therefore$ Rate = 25%
Hence, the correct answer is 25%.
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