Question

A certain sum of money triples itself in 5 years at simple interest. In how many years it will be five times?

1. 5
2. 8
3. 10
4. 15

Answer 1

Correct Answer - Option 3 : 10

Let rate be r, principle amount be p and the number of years bet

After 5 years,

⇒ Simple Interest = 3p – p = 2p

⇒ 2p = (p × r × 5)/100

⇒ r = 40

After t years,

⇒ Simple Interest = 5p – p = 4p

⇒ 4p = (p × 40 × t)/100

⇒ t = 10

∴ It will take 10 years