Question
Download Solution PDFA sum of money becomes four times in 20 years at simple interest. Find the rate of interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum of money becomes four times in 20 years at simple interest.
Formula used:
Simple Interest (SI) = PRT / 100
Amount (A) = P + SI
Calculation:
Let the principal amount be P.
Amount (A) = 4P
So, Simple Interest (SI) = Amount - Principle = 4P - P = 3P
Now,
SI = PRT/ 100
3P = P × r × 20 / 100
⇒ 3 = r × 1/5
⇒ r = 3 × 5 = 15%
∴ The correct answer is 15%.
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