A sum becomes \(\frac{7}{5}\) times of itself at simple interest of 8% p.a. in:
Answer & explanation
Correct answer: option 1
Let principal be P and time be T,
Amount = P(1 + \(\frac{8T}{100}\))
⇒ \(\frac{7}{5}\)P = P(1 + \(\frac{8T}{100}\))
⇒ \(\frac{7}{5}\) = 1 + \(\frac{8T}{100}\)
⇒ T = 5 years