A sum of money at a certain rate per annum of simple interest doubles in the 5 years and at a differ...........

Quant (SSC) Simple Interest

A sum of money at a certain rate per annum of simple interest doubles in the 5 years and at a different rate become three times in 12 years. The lower rate of interest per annum is:

15%

20%

15 3/4 %

16 2/3%

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Explanation:

Rate of interest = 100(x – 1) /t %
Where x is the no. of times the sum becomes of itself.
Here the sum is getting 3 times. Therefore, x = 3
Where t is the time taken by sum to become x times of itself.
Here, t = 12 years
By the short trick approach, we get
= 100(3 – 1) /12 = 200/12
= 50/3 = 16 2/3%