An 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?

This question was previously asked in
SSC CGL 2023 Tier-I Official Paper (Held On: 18 Jul 2023 Shift 4)
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  1. 32
  2. 28
  3. 16
  4. 24

Answer (Detailed Solution Below)

Option 4 : 24
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Detailed Solution

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Given:

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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