Multiple Choice Questions on A sum of money becomes 3 times itself in 20 years at a certain rate of simple interest In how many y........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A sum of money becomes 3 times itself in 20 years at a certain rate of simple interest In how many y...........

Quantitative Aptitude ( CCS) Simple Interest
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    A sum of money becomes 3 times itself in 20 years at a certain rate of simple interest. In how many years does it double itself at the same rate of simple interest?

     8 years

    Incorrect Answer

    40/3 years

    Correct Answer

    12 years

    Incorrect Answer

     14 years

    Incorrect Answer
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    Explanation:

    Simple Interest Formula is A = PRT (A = Amount, P = Principal, R = Rate, T = Time or Period)

    Let the Principal amount be x

    So, 3x = x * R * 20 - - - - equation 1,

    and 2x = x * R * T - - - - -equation 2

    Multiply equation 1 by 2 and equation 2 by 3 and subtract Eq 2 from Eq 1

    we get 40 R - 3RT = 0

    T = 40/3 years

    Hence, option 2 is the correct answer.

    By: Amit Kumar
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