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A certain sum becomes 5 times of itself in 8 years at a rate of simple interest. In 24 years it will become how many times of itself at the same rate
Question

A certain sum becomes 5 times of itself in 8 years at a rate of simple interest. In 24 years it will become how many times of itself at the same rate of simple interest?

A.

11

B.

13

C.

12

D.

10

Correct option is B

Given:
Time = 8 years
Sum becomes 5 times itself in 8 years.
Concept Used:
In simple interest, if a sum becomes X times itself in a given time, then interest = (X 1) \times Principal.
Formula Used:
Simple Interest formula: I = P×R×T100\frac {P \times R \times T }{ 100}​​
(Where P = Principal, R = Rate, T = Time, and I = Simple Interest)
Solution:
Let the principal be X. Since it becomes 5X in 8 years, the interest in 8 years is 4X
4X=X×8×R100R=4×1008=50%4X = \frac{X \times 8 \times R}{100}\\R = \frac{4 \times 100} 8 = 50\%​​
Now, for 24 years, the total interest (I) will be:
I = X×R×T100=X×50×24100X \times R \times \frac{T }{ 100} = X \times 50 \times \frac{24 }{ 100}​ = 12X

Therefore, the sum will become: Principal + Interest = X + 12X = 13X
Thus, in 24 years, the sum will become 13 times of itself.


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