In what time does a sum of money become four fold at the simple interest ratio of 10% per annum?

40 yr
30 yr
15 yr
25 yr

Correct Answer: 30 yr

Explanation:

Here, n = 4, R = 10, T = ?
According to the formula,
R = 100 (n - 1)/T
⇒ 10 = [100(4 - 1)]/T = (100 x 3)/T
∴ T = 30 yr

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