Simple Interest Practice Test 3

Question : 3 of 40

Marks: +1, -0

A sum of money doubles itself in 20 years. In how many years will it triple itself at the same rate of simple interest?

Solution:

Let principal = Rs. x; Amount = Rs. 2x; then I = 2x – x = Rs. x

∴ R={x×100}/{x×20}=5%

Again, if principal = Rs. x; Amount = Rs. 3x; then I = 3x – x = Rs. 2x
Hence,

T={2x×100}/{x×5}=40\years

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