New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Aman invested Rs. 13,000 in a scheme offering simple

    interest of 20% p.a. For how many months should he keep his money invested in the scheme if he wishes to triple his money?
    A 120 months Correct Answer Incorrect Answer
    B 96 months Correct Answer Incorrect Answer
    C 100 months Correct Answer Incorrect Answer
    D 144 months Correct Answer Incorrect Answer

    Solution

    Let the required number of months be ‘m’.
    Simple interest = (principle × rate × time period in months) ÷ (12 × 100)
    Interest earned = 3 × 13000 – 13000 = Rs. 26,000
    ATQ;
    26000 = (13000 × 20 × m) ÷ (100 × 12)
    Or, m = 120
    Therefore, Amal should keep his money invested for 120 months.

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