A sum of money, lent out at simple interest, doubles itself in 8 years. Find in how many years will the sum become triple (three times) of itself at the same rate per cent ?
A
11 years
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B
13 years
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C
14 years
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D
16 years
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Solution
The correct option is D16 years
Simple Interest I=PNR100 Amount A=2P I=A−P=2P−P=P N=8 years
So, P=P×8×R100 ⇒R=12.5 %
Now, we need to find N when A=3P ⇒I=3P−P=2P So, 2P=P×N×12.5100 ⇒N=16 years