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Question : The time required for a sum of money to amount to three times itself at 8% simple interest p.a. will be:

Option 1: 35 years

Option 2: 25 years

Option 3: 30 years

Option 4: 20 years


Team Careers360 15th Jan, 2024
Answer (1)
Team Careers360 19th Jan, 2024

Correct Answer: 25 years


Solution : Given: Rate is 8%
Let the Principle be P.
It amounts to 3 times of itself.
Simple interest = 3P – P = 2P
We know, Simple interest $= \frac{\text{Principal × Rate × Time}}{100}$
⇒ $2P =\frac{P×8×\text{Time}}{100}$
⇒ Time = 25 years
Hence, the correct answer is 25 years.

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