Question
Download Solution PDFAt what rate of simple interest, a certain sum of money becomes its seven times in 24 years ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
SI = P × R × T / 100
Amount (A) = Principal (P) + Simple Interest (SI)
Since the amount becomes seven times the principal, A = 7P.
Calculation:
We have,
⇒ 7P = P + SI
⇒ 7P = P + (P × R × 24) / 100
⇒ 7P = P (1 + 24R / 100)
⇒ 7 = 1 + 24R / 100
⇒ 6 = 24R / 100
⇒ 600 = 24R
⇒ R = 600 / 24
⇒ R = 25
∴ The correct rate of simple interest is 25% per annum.
Last updated on May 25, 2025
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