Multiple choice

In how many years will a sum. of money become sixteen times itself at 30% p.a. simple interest?

  1. 40

  2. 50

  3. 60

  4. 70
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Simple interest formula: A = P(1 + rt/100). For amount to be 16P, 16P = P(1 + 30t/100). 15 = 0.3t, so t = 15 / 0.3 = 50 years.

AI explanation

If a sum becomes sixteen times itself, the simple interest earned is fifteen times the principal. Using the formula Time equals (Amount divided by Principal minus 1) times 100 divided by R, we get Time equals (16 minus 1) times 100 divided by 30. This simplifies to 15 times 100 divided by 30, giving 50 years.

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