Question : A certain amount will become six times in 20 years. How long does it take for the same amount to become 5 times?(Assume the same rate of simple interest in each case)
Option 1: 16 years 8 months
Option 2: 15 years 8 months
Option 3: 15 years
Option 4: 16 years
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Correct Answer: 16 years
Solution : Let $P$ be the principal amount and $R$ be the rate of interest. Term, $n$ = 20 years Total amount = $6P$ Simple interest, SI = $6P – P$ = $5P$ SI = $\frac{P×n×R}{100}$ ⇒ $5P$ = $\frac{P×20×R}{100}$ ⇒ $R$ = 25% Again, the total amount = $5P$ Simple interest, SI = $5P – P$ = $4P$ SI = $\frac{P×n×R}{100}$ ⇒ 4P = $\frac{P×n×25}{100}$ ⇒ $n$ = 16 years Hence, the correct answer is 16 years.
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Question : What is the ratio of the simple interest earned on a certain amount at the rate of 21% per annum for 8 years to that earned on the same sum at the same rate for 21 years?
Option 1: 8 : 21
Option 2: 21 : 5
Option 3: 5 : 21
Option 4: 21 : 8
Question : In a certain duration of time, a sum becomes 2 times itself at the rate of 5% per annum simple interest. What will be the rate of interest if the same sum becomes 5 times itself in the same duration?
Option 1: 20%
Option 2: 16%
Option 3: 10%
Option 4: 18%
Question : An amount becomes double in 8 years on simple interest. In how many years would Rs. 25,000 become Rs. 1,00,000 with the same rate of interest?
Option 1: 32
Option 2: 28
Option 3: 16
Option 4: 24
Question : A certain amount is lent at $x$% p.a. simple interest for 3 years. Instead, if the amount was lent at $3x$% p.a. simple interest for $y$ more years, the simple interest would have been seven times the earlier interest. What is the value of $y?$
Option 1: 3
Option 2: 4
Option 3: 5
Option 4: 6
Question : If Rs. 8,500 becomes Rs. 11,050 in 6 years at a certain rate of simple interest, and the rate then becomes 1.8 times higher, what will be the amount after 5 years on the same principal?
Option 1: Rs. 15,625
Option 2: Rs. 14,350
Option 3: Rs. 13,550
Option 4: Rs. 12,325
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