Multiple choice

A certain sum of money at certain rate of interest amounts to Rs. 5900 in 3 years and Rs. 7400 in 8 years. It will amount to Rs. 8000 at the same rate of interest in

  1. 11 years

  2. 10 years

  3. 16 years

  4. 13 years

  5. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Simple interest: Amount in 8 years - Amount in 3 years = 5 years interest = 7400 - 5900 = 1500. Interest per year = 300. Principal = 5900 - 3*300 = 5000. We want amount = 8000, so interest needed = 3000. Time = 3000 / 300 = 10 years.

AI explanation

The simple interest earned over the 5 years between year 3 and year 8 is 7400 - 5900 = 1500, which means the annual interest is 300. The principal is 5900 - (3 * 300) = 5000. To reach 8000, the total interest needed is 3000, which requires 3000 / 300 = 10 years.

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