Question

A sum of money becomes 3 times itself in 12 years. In how many years it will become 5 times at the same rate of simple interest ?

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Answer 1

Manage language yourself if needed.. I think it is the right one, isn't it? If it's wrong then plz inform..

Answer 2

Step-by-step explanation:

Given:

A sum of money becomes 3 times itself in 5 years.

Concept used:

Simple interest, SI = P × R × T/100

Where P is principal, R is the rate of interest and T is the time period.

Amount, A = P + SI

Calculation:

Amount, 3P = P + P × R × 5/100

2P = 5PR/100

Or, 40%

Amount = 5P = P + 40% × P × T/100

4P = 4PT/10

Or, T = 10 years

∴ Time taken for amount to become 5 times itself is 10 years.