Is the rate of interest a sum of money becomes 4 times at simple interest in 10 years what?

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A sum of money becomes 4 / 3 of itself in 6 years at a certain rate of simple interest find the rate of interest.

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Solution

Let the rate of interest is r and sum of money be x it becomes 4x3 in 6 yrsSo, SI in 6 yrs =4x3−x=x3As we know that SI =ptr100, where p=x, t=6. or x3=x×6×r100 or r=509 ∴r=5.56% (approx)So, rate of interest 5.56%

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A sum of money becomes 6 times of itself in 8 years. Find the rate of Simple Interest.

A sum of money at simple interest becomes four times in 24 years. What is the rate of interest per annum?

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Solution

The correct option is C 1212%We have, n = 4 and T =24 years. ∴ Rate of interest =100(n−1)T=100(4−1)24 =1212%

Correct Answer - Option 3 : 30%

Given:
The principal(P) amount becomes 4 times at simple interest(SI) in 10 years

Formula used:

SI = (P × R × T)/100

R = rate of interest

T = time period

Calculation:

According to the question:

4P = P + (P × R × T)/100

⇒ 4P = P[1 + {(R × 10)/100}]

⇒ 40 = 10 + R

⇒ R = 30

∴ Rate of interest is 30%

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