A sum of money at simple interest becomes 8 times of itself in 3 years.
(i) In how much time it will become 64 times of itself?
(ii) Find the Interest rate also.
Answer & explanation
Correct answer: option 1
P : A = 1 : 8
Interest = 7
rate = \(\frac{7}{3}\) x 100 = \(\frac{700}{3}\) %
P : A = 1 : 64
Interest = 63
time = \(\frac{63 x 3}{700}\) x 100 = 27 years