Question

A sum of money lent by Hari at simple interest becomes double of itself in 8 years. Then the sum will triple itself in

• A. 16 years
• B. 15 years
• C. 20 years
• D. 24 years

Answer 1

The correct option is A 16 years

Sum of money be P
Amount will be=2P
time=8yrs
rate=r%
Simple interest=amount -principal
=(2P-P)=P
$P=\frac{P\times 8\times r}{100}$
$8r=100$
$r=12.5$%
Now,
Principal=P
Amount=3P
Therefore interest=3P-P=2P
$2P=\frac{P\times T\times 12.5}{100}$
$12.5T=200$
$T=\frac{200}{12.5}=16years$
Sum will triple itself in 16 years