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      Question

      A sum of money becomes 3 times of itself in 4 years when invested on simple interest. In how many years will it become 9 times of itself if the rate of interest remains the same?

      A 12 years Correct Answer Incorrect Answer
      B 16 years Correct Answer Incorrect Answer
      C 20 years Correct Answer Incorrect Answer
      D 24 years Correct Answer Incorrect Answer

      Solution

      Let the sum invested be Rs. 'p' and rate of interest be 'R%' p.a.

      Simple interest = Principal x rate x time ÷ 100

      When sum of money becomes 3 times of itself, simple interest earned = 3p - p = Rs. 2p

      So, 2p = p x R x 4 ÷ 100

      Or, 'R' = (200/4)

      Now, when sum of money becomes 9 times of itself, simple interest earned = 9p - p = Rs. 8p

      Let required time be 'T' years.

      So, 8p = p x (200/4) x T ÷ 100

      Or, 8 = T/2

      Or, 'T' = 16

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