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Question

A sum of money triples itself in four years. Find the time required for it to become 5 times.
  1. 8 years
  2. 6 years
  3. 10 years
  4. 12 years


Solution

The correct option is A 8 years
Given, time = 4 years.
Let the sum invested be ₹ 100.
So, the Amount received after 4 years = ₹ 300.

We know that,
Principal + Interest = Amount.
Hence, Interest = Amount - Principal = ₹ (300-100) = ₹ 200.

The Simple Interest earned on a sum of ₹ P for a period of T years at the rate of R% p.a S.I is given by P× R× T100.

So, ₹ 200 = 100× R× 4100
Hence, R = 50%.

Now, for the amount to become 5 times i.e ₹ 500,
The interest needed to be earned is ₹(500-100) = ₹ 400.
So, ₹ 400 = 100× 50× T100
Hence, the time taken = T = 8 years.
 

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