Question 137

The time required for a sum of money to amount to four-time itself at 15% simple interest p.a. will be

Solution

Given,

Rate of simple interest = 15%

Let principal amount = P

Time required = T

$$=$$> Simple interest = $$\frac{P\times T\times15}{100}=\frac{15PT}{100}$$

According to the problem, Total amount = 4P

$$=$$> P + $$\frac{15PT}{100}$$ = 4P

$$=$$> $$\frac{15PT}{100}$$ = 3P

$$=$$> T = 20 years

$$\therefore\ $$Required time = 20 years

Hence, the correct answer is Option A

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