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    Question

    Ā At what rate of simple interest, a certain sum of

    money becomes its seven times in 24 years ?
    A 24% per annum Correct Answer Incorrect Answer
    B 25% per annum Correct Answer Incorrect Answer
    C 22% per annum Correct Answer Incorrect Answer
    D More than one of the above Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    ATQ, Given: The amount becomes 7 times the principal ā†’ A = 7P Time = 24 years We know A = P + SI, so: 7P=P+SIĀ  SI=6P Now solve for R:Ā 

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