Question

In what time a sum will be 29/10 times of itself at 5% p.a. S.I.

Answer 1

Answer:

Answer. Hence, the correct answer is 11%.

Answer 2

The time period required is 38 years.

Given - Amount and rate of interest

Find - Time period

Solution - Let the principal be x. As mentioned, amount = 29/10x.

Amount = 2.9x

Amount = Principal + Interest

Interest = 2.9x - x

Interest = 1.9x

Let the required time period be t years

Simple interest = principal*rate of interest*time/100

$1.9x = \frac{x \times 5 \times t}{100}$

Cancelling x and solving for the value of t.

$t = \frac{100 \times 1.9x}{x \times 5}$

$t = 20 \times 1.9$

t = 38 years

Hence, it required 38 years to earn given amount.

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