A sum of money, lent out at simple interest, doubles itself in 8 years. Find : Show
SolutionLet P = Rs.100, A = Rs.200 I = Rs.200 − Rs.100 = Rs.100, T = 8 years R =`(100xx"I")/("P"xx"T")=(100xx100)/(100xx8)` `=100/8=25/2%` Now again P = Rs.100 A = Rs.300 I = Rs.300 − Rs.100 = Rs.200 R = `25/2%` T =`(100xx"I")/("P"xx"R")=(100xx200)/(100xx25/2)=(100xx200xx2)/(100xx25)` = 16 Years So the given sum of money will become triple in 16 years. Concept: Concept of Principal, Interest, Amount, and Simple Interest Is there an error in this question or solution? APPEARS IN
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In what time does a sum of money becomes 4 times?A sum of money at simple interest becomes four times in 24 years.
What should be the interest rate for an amount to become 4 times of itself at simple interest in 60 years?Answer. Therefore, the interest rate for the amount to become 4 times of itself at simple interest in 60 years is 5% annum.
What sum of money lent for 3 years at 4% per annum will amount to rupees 392?350 will amount to Rs. 392 at the rate of 4% p.a in 3 years.
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In what time will a sum of money lent at simple interest become 4 times of itself?
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