Advertisements
Advertisements
Question
A certain sum of money becomes three times itself in 20 years at simple interest. In how many years does it become double of itself at the same rate of simple interest?
Advertisements
Solution
Given that, the sum of money triples itself in 20 years
∴ P + I = 3P
∴ I = 2P
and T = 20 years
Now simple interest I = `"PRT"/100`
∴ 2P = `("P" xx "R" xx 20)/100`
∴ R = 10
∴ Rate of interest = 10% per annum
The time period is to be calculated for the condition that the sum doubles itself i.e. for the condition
P + I = 2P
i.e. I = P
i.e. `("P" xx "R" xx "T")/100 = "P"`
∴ `(10 xx "T")/100 = 1`
∴ T = 10
∴ The sum will become double of itself in 10 years.
APPEARS IN
RELATED QUESTIONS
The number of members of a club is increased by 10% every year. If the initial number of the members is 500, then what will be the number at the beginning of the third year?
The value of a car depreciates every year at the rate of 10% on its value at the beginning of the year. If the present value of the car is ₹52,488, its worth four years ago was
The difference between the simple interest and the compound interest (compounded annually) on ₹2000 for 2 yr at 8% per annum will be
A person takes a loan of ₹200 at 5% simple interest. He returns ₹100 at the end of 1 yr. In order to clear his dues at the end of 2 yr, he would pay
There is 60% increase in an amount in 6 year at simple interest. What will be the compound interest of ₹ 12000 after 3 years at the same rate?
A sum of money at simple interest amounts to ₹815 in 3 years and to ₹854 in 4 years. The sum is
A man took a loan from a bank at the rate of 12% per annum simple interest. After 3 years, he had to pay ₹5400 for the whole period. The principal borrowed by him was
What would be the simple interest on Rs. 8400 in 9 months at the rate of 8.25 percent per annum?
Find the compound interest on Rs.10000 for 2 years at 8% per annum compounded half-yearly.
A man deposits Rs 200 at the end of each year in a recurring account at 5% compound interest. How much will it become at the end of 3 years?
The difference between simple interest and compound interest on a certain sum of money is Rs. 32 at 8% per annum for 2 years. Find the amount.
Reshma put an amount at simple interest at a certain rate for 3 years. Had she been put at a 2% higher rate, she would have received Rs 360 more. Find the sum.
In how much time (in years) will ₹7200 amount to Rs. 8928 at simple interest at the rate of 8% per annum?
Find the rate percent per annum, if ₹2000 amounts to ₹2,315,25 in a year and a half, interest being compounded half-yearly.
What is the compound interest on a sum of ₹7200 for `2 2/5` years at 20% p.a. interest compounded yearly (nearest to an Integer)?
Anil Invested an amount for three years at a simple interest rate of 9 p.c.p.a. He got an amount of ₹19,050 at the end of the years. What principal amount did he invest?
Ram bought 1600 eggs at Rs. 3.75 per dozen. He sold 900 of them at 2 for Re 1 and the remaining at 5 for Rs. 2. His gain percent is:
A sum becomes ₹2,916 in 2 years at 8% per annum compound interest. The simple interest at 9% per annum for 3 years on the same amount will be-
A sum of money becomes 1,331 times in 3 years as compound interest. The rate of interest is-
