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A sum of money at simple interest becomes four times in 24 years. What is the rate of interest per annum? No worries! We‘ve got your back. Try BYJU‘S free classes today! Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today!
No worries! We‘ve got your back. Try BYJU‘S free classes today! Solution The correct option is C 1212%We have, n = 4 and T =24 years. ∴ Rate of interest =100(n−1)T=100(4−1)24 =1212%A. 10% B. 20% C. 30% D. 40% Solution(By Examveda Team)$$\eqalign{ & {1^{{\text{st}}}}\,{\text{Method}}: \cr & {\text{Let rate is }}R\% \cr & {\text{Now}}, \cr & P = 100, \cr & A = 400, \cr & I = 400 - 100 = 300, \cr & {\text{Time}},\,T = 10\,{\text{years}} \cr & I = \frac{{PTR}}{{100}} \cr & {\text{Or}},R = \frac{{ {100 \times I} }}{{PT}} \cr & {\text{Or}},R = \frac{{ {100 \times 300} }}{{ {100 \times 10} }} \cr & {\text{Hence}},{\kern 1pt} R = 30\% \cr} $$ 2nd Method : 3rd Method :
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In what time does a sum of money becomes four times at the simple interest of 5% per annum?Hence a sum of money become four times at the simple interest rate of 5% per annum in 60 years .
At what rate of compound interest does a sum of money becomes 4 times?Detailed Solution
Sum of money becomes 4 times after 2 years at CI. Calculations: Let the sum be P. ∴ The rate of interest is 100%.
In what time if an amount becomes 4 times in 4 years then in how many years it would be 16 times through compounded interest and simple interest respectively options?∴ The time taken to 16 times the amount is 20 years.
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