In how many years a sum of money will be three and a half times of itself at 16⅔% per annum simple interest
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Solution :
Let the principal( p ) = Rs x
Amount ( A ) = 3½ × p = 3.5x
Simple interest ( I ) = A - p
= 3.5x - x
= 2.5x
Rate of interest ( r ) = 162/3 = 50/3 %
Let the time = t years
We know that ,
( ptr )/100 = I
=> t = ( 100 × I )/( pr)
= ( 100 × 2.5x )/( x × 50/3 )
= ( 250 × 3 )/50
= 5 × 3
= 15 years
••••
Let the principal( p ) = Rs x
Amount ( A ) = 3½ × p = 3.5x
Simple interest ( I ) = A - p
= 3.5x - x
= 2.5x
Rate of interest ( r ) = 162/3 = 50/3 %
Let the time = t years
We know that ,
( ptr )/100 = I
=> t = ( 100 × I )/( pr)
= ( 100 × 2.5x )/( x × 50/3 )
= ( 250 × 3 )/50
= 5 × 3
= 15 years
••••
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