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In how many y...

Question

In how many years will a sum. of money become sixteen times itself at 30% p.a. simple interest?

A

40

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B

50

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C

60

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D

70

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Solution

The correct option is B 50
Simple Interest $S I = \frac{P N R}{100}$
Given, $A m o u n t A = 16 P$
$=> P + S I = 16 P$
$=> P + \frac{P \times N \times 30}{100} = 16 P$
$=> 0.3 N = 15$
$=> N = 50$ years

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