Ques: Rajesh deposits a certain amount in a bank which becomes three times of itself in 16 years. Find the time required to become four times of itself at the same rate of interest, if the interest is not compounded.

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Solution

Let the sum of money (principal) be Rs. 100

∴ A.T.Q. -

Amount=3×principal

∴ Amount = 3×100

=Rs. 300

∵Interest(I) = (A)Amount-Principal(P)

∴ I = (300-100)Rs.

=Rs.200

and ∵ I = (P×R×T)/100

∴ 200 = (100×R×16)/100

⇒ 200 = (1600×R) /100

⇒ R = (200×100)/1600

⇒ R = 12.5%

In case 2 :

Amount = 4×principal

∴ A =( 4×100)Rs.

= Rs. 400

∵ I = A-P

∴ I = (400-100)Rs.

=Rs. 300

Time =?

Rate = 12.5 % p.a(per annum OR per year)

∵ Time = (Interset × 100)/P ×R

∴ Time = (300 × 100)/(100 ×12.5)

⇒ Time = 24 Years

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