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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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