Question 85
If a certain sum of money become thrice of itself in 5 years 4 months at simple interest, then what will be the yearly rate of interest (in %)?
Solution
Let sum of money = Rs. $$x$$
=> Simple interest = Rs. $$(3x-x)$$ = Rs. $$2x$$
Time period = 5 years 4 months = $$(5\frac{4}{12})$$ years = $$\frac{16}{3}$$ years
Let rate of interest = $$r\%$$
=> S.I. = $$\frac{P \times r \times t}{100}$$
=> $$\frac{x \times r \times \frac{16}{3}}{100}=2x$$
=> $$16r=300 \times 2=600$$
=> $$r=\frac{600}{16}=37.5\%$$
=> Ans - (C)
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