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    Question

    The time required for a sum of money to amount to five

    times itself at 16% simple interest p.a. will be
    A 25 years Correct Answer Incorrect Answer
    B 20 years Correct Answer Incorrect Answer
    C 15 years Correct Answer Incorrect Answer
    D 18 years Correct Answer Incorrect Answer

    Solution

    Let Principal = x Amount = 5x Simple Interest = 5x-x=4x Simple Interest = (P ×R ×T)/100 4x = (x ×16 ×T)/100 T = 25 years. Alternate method: Principal (100) → amount (500) So interst  = 500 -100 = 400%  @ 16% So time  = 400/16 = 25 years

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