Question : A sum of money, when invested at the rate of 6.25% simple interest per annum, amounts to $\frac{11}{8}$ times itself in $n$ years. What is the value of $n$?
Option 1: 6
Option 2: 8
Option 3: 5
Option 4: 7
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Correct Answer: 6
Solution : Given: Rate $(r)$ = 6.25% per annum Time $(t)$ = $n$ years Let the principal be $x$. Amount $=\frac{11}{8}\times $ Principal $= \frac{11x}{8}$ Simple interest = Amount – Principal $= \frac{11x}{8} - x= \frac{3x}{8}$ We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ According to the question, $\frac{3x}{8} = \frac{x\times 6.25\times n}{100}$ $\Rightarrow \frac{300}{8} = 6.25n$ $\Rightarrow n= \frac{300}{8\times 6.25}$ $\therefore n= 6$ years Hence, the correct answer is 6 years.
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Question : At a certain rate of interest per annum, compounded annually, a certain sum of money amounts to two times itself in 11 years. In how many years will the sum of money amount to four times itself at the previous rate of interest per annum, also compounded annually?
Option 1: 20 years
Option 2: 5.5 years
Option 3: 22 years
Option 4: 33 years
Question : A certain sum of money amounts to 3 times itself in 13 years when interest is compounded annually at a certain interest rate per annum. In how many years will the initial sum amount to 9 times itself at the same interest rate per annum, also compounded annually?
Option 1: 32 years
Option 2: 26 years
Option 3: 30 years
Option 4: 20 years
Question : After 55 years, a sum invested at simple interest at the rate of $r$ percent becomes twice of itself. What is the value of $r$?
Option 1: $\frac{17}{20}\%$
Option 2: $\frac{11}{30}\%$
Option 3: $\frac{13}{15}\%$
Option 4: $\frac{20}{11}\%$
Question : At a certain rate of simple interest per annum, a certain sum amounts to INR 24,000 in 7 years and to INR 32,000 in 12 years. What is the rate of simple interest paid per annum?
Option 1: 15%
Option 2: 25%
Option 3: 12.5%
Option 4: 20%
Question : A sum of money, invested at a certain rate of simple interest per annum, amounts to INR 720 in 4 years and to INR 800 in 5 years. The sum invested is:
Option 1: INR 400
Option 2: INR 600
Option 3: INR 500
Option 4: INR 360
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