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A certain sum of money doubles itself in 10 yr. In how many years will it become 3 times at the same rate of simple interest ?


1.  12 yr
2. 15 yr
3. 20 yr
4. 16 yr

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Correct Answer - Option 3 : 20 yr

Given

A certain sum of money doubles itself in 10 yr. In how many years will it become 3 times at the same rate of simple interest 

Concept used

Simple interest

Calculation

Let sum = Rs.x

Si = x 

Time = 10 years

Rate = (interest × 100) / Principal × time

Rate = (100x) / 10x

Rate = 10%

Now sum = x, Si = 2x, Rate = 10%

Time = (interest × 100) / Principal × rate

Time = (2x × 100) / 10x

Time = 20 years.

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