Question 58

A certain sum doubles itself on simple interest in 10 years. At the same rate of interest in how many years it will become 3 times of itself?

Solution

Given, A certain sum of money double itself in 10 years on simple interest.

Let the sum be x

then simple interest is also x.

Time = 10 years

We know,

$$S.I\ =\ \frac{P\times\ R\times\ T}{100}$$

$$x\ =\ \frac{x\times\ R\times\ 10}{100}$$

R = 10%

Now, According to question

Money becomes 3 times , then SI = 2x , P = x

$$2x\ =\ \frac{x\times\ 10\times\ T}{100}$$

T = 10 years

Hence, option C is correct.

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