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

    Question

    A sum of money at simple interest doubles in 8 years. It

    will become six times in: 
    A 24 years Correct Answer Incorrect Answer
    B 48 years Correct Answer Incorrect Answer
    C 40 years Correct Answer Incorrect Answer
    D 42 years Correct Answer Incorrect Answer

    Solution

    ATQ, The money doubles in 8 years under simple interest. This means the interest earned in 8 years is equal to the principal (P). Since simple interest grows linearly, the money increases by P every 8 years. Now, calculating for 6 times the original amount (6P): 2P in 8 years 3P in 16 years 4P in 24 years 5P in 32 years 6P in 40 years Final Answer: Hence, the sum will become six times in 40 years.

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