A sum of money becomes 3 times in 5 years. In how many years will the same sum become 6 times at the same rate of simple interest? (with Details)
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Step-by-step explanation:
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Let principal amount be ₹ P and rate of interest be R per annum. Time of investment is 5 years.
So, first we need to find R such that
P × (1+5R) = 3 × P
⇨ 1 + 5R = 3
⇨ R = 2/5 = 0.4 or 40%
Now, we need to find the number of years T such that,
P × (1 + 0.4T) = 6 × P
1 + 0.4T = 6
0.4T = 5
T = 5/0.4 = 25/2 = 12.5
The correct option is C.
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