Question : The rate of simple interest at which a sum of money becomes five times its own value in eight years is:
Option 1: 30%
Option 2: 40%
Option 3: 50%
Option 4: 55%
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: 50%
Solution : Assume the sum of money is $P$. It will become 5 times after 8 years = $5P$. So, Simple interest = $5P - P = 4P$. Rate = $r$ Simple interest = $\frac{\text{Principal×Rate×Time}}{100}$ ⇒ $4P = \frac{P×r×8}{100}$ ⇒ $r = 50$% Hence, the correct answer is 50%.
Candidates can download this ebook to know all about SSC CGL.
Result | Eligibility | Application | Selection Process | Preparation Tips | Admit Card | Answer Key
Question : The rate at which a sum becomes four times itself in 12 years, at simple interest, will be:
Question : Money was lent on simple interest. After 12 years, its simple interest becomes $\frac{3}{5}$ of the money. Find the rate of interest.
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?
Question : In a certain duration of time, a sum becomes 2 times itself at the rate of 5% per annum simple interest. What will be the rate of interest if the same sum becomes 5 times itself in the same duration?
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?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile