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In how many years will a sum of money becomes 4 times of itself at \(6\frac{1}{4}%\)% simple interest per annum?
1. 12 years
2. 48 years
3. 24 years
4. 30 years

1 Answer

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Correct Answer - Option 2 : 48 years

Given:

Amount = 4 times of principal

Rate of interest = \(6\frac{1}{4}%\)% p.a.

Formula Used:

Simple interest = Amount - Principal

Simple interest = Principal × Time × Rate of interest/100

Calculation: 

Let assume the principal be x

Amount  = 4x

Simple interest = Amount - Principal

⇒ Simple interest = 4x - x = 3x

Simple interest = Principal × Time × Rate of interest/100

⇒ 3x = x × Time × (25/4)/100

∴ Time = 48 years

The correct option is 2 i.e. 48 years

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