Question

In what time will a sum of money lent at 81/3% simple interest becom 4 times of itself

Answer 1

Answer:

16 years

Step-by-step explanation:

Simple Interest I=

100

PNR

Amount A=2P

I=A−P=2P−P=P

N=8 years

So, P=

100

P×8×R

⇒R=12.5 %

Now, we need to find N when A=3P

⇒I=3P−P=2P

So, 2P=

100

P×N×12.5

⇒N=16 years