Question
Download Solution PDFA sum of money at simple interest doubles in 7 years. It will become four times in:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum of money doubles in 7 years at simple interest.
Formula Used:
Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
Amount (A) = Principal (P) + Simple Interest (SI)
Calculation:
Let the principal amount be P.
Since the amount doubles in 7 years, the simple interest earned in 7 years is P.
SI in 7 years = P
Using the formula for SI:
P = P × R × 7 / 100
⇒ 100 = R × 7
⇒ R = 100 / 7
To find the time taken for the amount to become four times (4P):
Simple Interest needed = 4P - P = 3P
Using the formula for SI:
3P = P × R × T / 100
⇒ 3P = P × (100 / 7) × T / 100
⇒ 3 = T / 7
⇒ T = 3 × 7
⇒ T = 21 years
The amount will become four times in 21 years.
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