Question
Download Solution PDFAn amount becomes double in 8 years on simple interest. In how many years would Rs. 25,000 become Rs. 1,00,000 with the same rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
An amount becomes double in 8 years on simple interest.
Rs. 25,000 become Rs. 1,00,000
Formula used:
Simple interest = P × R × T / 100 [ P = principal, R = rate of interest, T = time]
Calculation:
Let, P = principal.
As per the question,
P = P × R × 8 / 100
R = 12.5%
Rs. 25,000 become Rs. 1,00,000
So, simple interest is 100000 - 25000 = Rs 75000
So, as per the formula
75000 = 25000 × 12.5 × T / 100
T = 8 × 3
= 24 years
∴ The correct option is 4
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