A sum of money at simple interest becomes 3 times of itself in 8 years.
(i) How many times it will become in 20 years?
(ii) Find the Interest rate also.
Answer & explanation
Correct answer: option 1
P : A = 1 : 3
Interest = 2
rate = \(\frac{2}{8}\) x 100 = 25%
Interest = \(\frac{25 x 20}{100}\) = 5
A = 6 times P