A sum of money at simple interest becomes 3 times of itself in 8 years. In how much time it will become 8 times of itself? Find the Interest rate also.
Answer & explanation
Correct answer: option 3
P : A = 1 : 3
S.I. = 2
rate = \(\frac{2}{8}\) x 100 = 25%
P : A = 1 : 8
S.I. = 7
time = \(\frac{7}{25}\) x 100 = 28 years