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 ? (1) 12 years (2) 20 years (3) 25 years (4) 10 years
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Answer:
Let principal is x, R=4% & T=6 yr
A=SI+P
=
100
x×4×6
+x
620=
100
124x
124
620×100
=x
x=500
Rate of interest now =2×4% =8%
A=SI+P
700=
100
500×8×T
+500
⇒200=40T
T=5 yr
Answer =5 years.
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