A sum of money invested at simpleinterest triples itself in 8 years. How many times will it become in 20 years time?

8 times
7 times
6 times
9 times

Correct Answer: 6 times

Explanation:

A = P(1 + rt/100)

So, A= 3P (it becomes triples)

3P = P(1 + 8r/100)→r = 25%

Now, when t = 20

⇒A = P(1 + 25*20/100)

⇒A = P(1+ 5)⇒A = 6P

So, it becomes 6 times.

More Questions from Simple Interest

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