Question : In how many least number of complete years will a sum of money become more than four times itself at the rate of 14% per annum on simple interest?
Option 1: 20 years
Option 2: 25 years
Option 3: 29 years
Option 4: 22 years
Correct Answer: 22 years
Solution :
Let the required time be $T$ years and the principle be Rs. $P$.
Now, the amount becomes $4P$.
So, the total interest ($I$) = $4P-P$ = $3P$
The rate of simple interest ($R$) = 14%
We know,
$I=\frac{P×R×T}{100}$
⇒ $3P=\frac{P×14×T}{100}$
⇒ $T=\frac{3×100}{14}$
⇒ $T \approx 21.43$
So, the required least number of complete years is 22.
Hence, the correct answer is 22 years.
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