Simple Interest Practice Test 1

Question : 15 of 40

Marks: +1, -0

A sum of money doubles in 25 years. In how many years will it become thrice at the same rate of simple interest?

Solution:

Principal = P, Amount = 2 P, SI = P

∴\Rate={100×SI}/{P×I}

={100×P}/{P×25}=4%

Now, new amount = 3P

∴ SI= 2P

\Time ={100×SI}/{R×P}

={100×2P}/{4×P}

= 50 years

Go to Question:

Prev Question

Next Question