A certain sum on simple interest becomes ₹49,600 in 3 years and ₹56,000 in 5 years. If the rate of interest had been 2%, more, then in how many years would the sum have doubled ?
Answer & explanation
Correct answer: option 1
On S.I. , a certain sum become Rs 49600 in 3 years and Rs 56000 in 5 years.
Total interest in 2 years= 56000-49600
= Rs 6400
Total interest in 1 years= \(\frac{6400}{2}\) =Rs 3200
Total interest in 5 years= 3200× 5 = Rs 40000
∴ Rate % = \(\frac{3200}{40000}\) × 100
= 8%
New Rate = 8+2 = 10%
so time Required = \(\frac{100}{10}\)
=10 years