An amount doubles in 5 years by the simple interest. How many years are
required for the same amount with same rate of interest to get converted to five
times the original amount?
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Answer:
Step-by-step explanation:
Answer:
20 years are required for the same amount with same rate of interest to get converted to five times the original amount
Step-by-step explanation:
Formula for simple interest
I = (PNR)/100
I - simple interest
P - Principle amount
N - Number of years
R - Rate of interest
To find rate of interest
It is given that,an amount doubles in 5 years by the simple interest
we can write,N = 5 years and I = P
I = (PNR)/100
P = (PNR)/100
1 = (NR)/100
R = 100/N = 100/5 = 20%
To find the years required to get 5 times the principle
Here, I = 4P, R = 20%
we can write,
4P = (PNR)/100
4 = (NR)/100
N = 400/R = 400/20 = 20 years
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