Please enter the following details
Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 30
If a sum of money doubles itself in 4 years at a certain rate, when will it become 16 time itself at the same rate of Simple Interest?
Solution
Let say, principal amount=P and rate of interest= r%.
According to question,
$$P\left(1+\frac{4r}{100}\right)=2P.$$
or,$$1+\frac{4r}{100}=2.$$
or,$$\frac{4r}{100}=1.$$
or,$$r=25.$$
Let say ,it become 16 times in x years.
So,
$$P\left(1+\frac{25x}{100}\right)=16P.$$
or,$$1+\frac{25x}{100}=16.$$
or,$$\frac{25x}{100}=15.$$
or,$$x=60.$$
D is correct choice.
Create a FREE account and get:
- Download RRB Study Material PDF
- 45+ RRB previous papers with solutions PDF
- 300+ Online RRB Tests for Free
