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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 yrs
So, SI in 6 yrs
=4x3−x=x3
As 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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Q.
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%