Question
Download Solution PDFA sum of money doubles itself in 20 years at a certain rate of simple interest. How long will it take for this money to triple?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum of money doubles itself in 20 years at a certain rate of simple interest.
Formula used:
Simple Interest (SI) = (P × R × T) / 100
Where, P = Principal, R = Rate of Interest, T = Time
Amount (A) = P + SI
Calculation:
In 20 years, the money doubles itself:
⇒ A = 2P
⇒ SI = P
⇒ P = (P × R × 20) / 100
⇒ R = (100 × SI) / (P × T)
⇒ R = (100 × P) / (P × 20)
⇒ R = 5%
Now to calculate how long it takes for the money to triple:
⇒ A = 3P
⇒ SI = 2P
⇒ SI = (P × R × T) / 100
⇒ 2P = (P × 5 × T) / 100
⇒ T = (2P × 100) / (P × 5)
⇒ T = 200 / 5
⇒ T = 40 years
∴ The correct answer is option (4).
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