A sum of money, when invested at the rate of 6.25% simple interest per annum, amounts to $$\frac{11}{8}$$ times of itself in 'n' years. What is the value of 'n'?

A sum of money, when invested at the rate of 6.25% simple interest per annum, amounts to $$\frac{11}{8}$$ times of itself in 'n' years.

Let's assume the principal is '8y'.

amount = $$\frac{11}{8}\times8y$$

= 11y

interest = 11y-8y

= 3y

$$interest = \frac{principal\times\ rate\ \times\ time}{100}$$

$$3y = \frac{8y \times 6.25 \times\ n}{100}$$

$$3y = \frac{50yn}{100}$$

$$3 = \frac{n}{2}$$

n = $$3\times2$$

n = 6