New NABARD Grade A 2024 Results out!! Register here for a free live workshop on Feb 26, 2025 at 5 PM. Only on Zoom.

    Question

    A certain sum of money becomes 6 times of itself in 25

    years at simple interest. In how many years does it become double of itself at the same rate of simple interest?
    A 4 years Correct Answer Incorrect Answer
    B 5 years Correct Answer Incorrect Answer
    C 7.2 years Correct Answer Incorrect Answer
    D 6.25 years Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Let the principal = Rs. x, Amount = Rs. 6x, Time = 25 years ∴  Simple Interest = Rs. (6x – x) = Rs. 5x Rate = [(5x × 100)/(x × 25)]% p.a. = 20% p.a. Now, Principal = Rs. x, Amount = Rs.2x, Rate = 20%p.a. Simple Interest = Rs. (2x − x)= Rs. x ∴  Time = (x × 100)/(x × 20) = 5 years.

    Practice Next

    Relevant for Exams: