| A certain scheme of investment in simple interest declares that it triples the investment in 8 yr. If you want to quadruple your money through that scheme, then you have to invest it for [NICL (AO) 2015] |
A) 10 yr
B) 10 yr 8 months
C) 11 yr 6 months
D) 12 yr
E) None of the above
Correct Answer: D
Solution :
| Let the principal be Rs. x. |
| Then, amount = 3x |
| Then, interest \[=3x-x=Rs.\,2x\] |
| Rate of interest \[=\,\,\frac{2x\times 100}{x\times 8}=25%\] |
| New amount = 4x, Interest \[=4x-x=3x\] |
| \[Time=\frac{3x\times 100}{25\times x}=12\,yr\] |
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