Multiple choice

A sum of money becomes 3 times of itself in 10 years under Simple Interest. Find the time required for it to be 7 times itself at the same rate.

  1. 23.33 years

  2. 30 years

  3. 35 years

  4. 60 years
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Under Simple Interest, if 3 times in 10 years, then interest in 10 years = 2P. So 2P = P × r × 10/100, giving r = 20%. For 7 times, we need 6P interest: 6P = P × 20 × t/100. Solving: t = 600/20 = 30 years.

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