Question

A sum of money becomes eight times at the
simple interest rate of 7% per annum. At what
rate per cent will it become fourfold?
(A) 3%
(B 3.5%
(C)4%
(D) 2%​

Answer 1

Answer:

A sum of money becomes eight times in 3 years, if the rate is compounded annually. In how much time will the same amount at the same compound rate become sixteen times?

A) 6 years

B) 4 years

C) 8 years

D) 5 years

Correct Answer:

B) 4 years

Answer 2

Answer:

(A) is correct✔

• Given that;

A = 8P

S.I = A - P

S.I = 8p - p = 7p

• using S.I Formula: S.I = P*T*R/100

7P = P*T*R/100

700 = 7*T

700/7 = T

100 =T

• NOW WE GIVEN THAT

A=4P

S.I= A-P

S.I= 4P-P =3P

• similarly using S.I formula put the value;

S.I=P*T*R/100

3P=P*100*R/100

3P=P*R

R = 3%