2024 · Q44
A sum of money invested at simple interest triples itself in 8 years and becomes n times in 20 years. What is the value of n?
Elementary MathematicsSimple and Compound Interest
- A5
- B6
- C7.5
- D9
Explanation
Tripling in 8 years under SI gives 2P = P·R·8/100, so R = 25%. In 20 years the interest is P·25×20/100 = 5P, so the sum becomes 6P. Hence n = 6, option (b).