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Question 70
In how many years will a sum of money become sixteen times itself at 30% p.a. simple interest?
Solution
Let the principal be Rs.100
Let Amount after T years = Rs.1600
Then, Interest for T years = Rs.1600 - Rs.100 = Rs.1500
Rate of interest = 30%
$$\dfrac{100\times T \times 30}{100} = 1500$$
=> $$T = 50$$
Hence, In 50 years, the given principal will become 16 times of itself.
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