The simple interest, sum of money becomes 3 times of itself in 20 rupees. In how many years does it become double of itself at same rate of interest?
- 8 years
- 10 years
- 12 years
- None of these
Explanation
Let's break it down step by step:
Let the principal amount be P.
According to the problem, the amount becomes 3 times itself in 20 years, so the interest earned is 2P (since 3P = P + 2P).
The simple interest formula is: Interest = (Principal × Rate × Time)/100
We know that Interest = 2P and Time = 20 years. Let's denote the rate as R.
So, 2P = (P × R × 20)/100
Simplifying, we get: R = 10%
Now, let's find the time it takes for the amount to become double (i.e., interest = P):
P = (P × 10 × Time)/100
Time = 10 years
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