arrow
arrow
arrow
A sum of money doubles in 14 years. In how many years would it triple if the rate of interest is considered as simple?
Question

A sum of money doubles in 14 years. In how many years would it triple if the rate of interest is considered as simple?

A.

25 years

B.

28 years

C.

18 years

D.

23 years

Correct option is B

A = P(1 + rt)
where, A is the total amount, P is the principal, r is the rate of interest per
year, and  t is the time in years.
According to question,
If the money doubles in 14 years, A = 2P and t = 14.
2P = P(1 + r x 14)
2 = 1 + 14r
14r = 1
r = 1/14 (per year).
For the money to triple, A = 3P.
3P = P(1 + r x t)
3 = 1 + (1/14) x t
(1/14) x t = 2
t = 2 x 14 = 28 years.

Free Tests

Free
Must Attempt

Basics of Education: Pedagogy, Andragogy, and Hutagogy

languageIcon English
  • pdpQsnIcon10 Questions
  • pdpsheetsIcon20 Marks
  • timerIcon12 Mins
languageIcon English
Free
Must Attempt

UGC NET Paper 1 Mock Test 1

languageIcon English
  • pdpQsnIcon50 Questions
  • pdpsheetsIcon100 Marks
  • timerIcon60 Mins
languageIcon English
Free
Must Attempt

Basics of Education: Pedagogy, Andragogy, and Hutagogy

languageIcon English
  • pdpQsnIcon10 Questions
  • pdpsheetsIcon20 Marks
  • timerIcon12 Mins
languageIcon English
test-prime-package

Access ‘UGC NET December’ Mock Tests with

  • 60000+ Mocks and Previous Year Papers
  • Unlimited Re-Attempts
  • Personalised Report Card
  • 500% Refund on Final Selection
  • Largest Community
students-icon
370k+ students have already unlocked exclusive benefits with Test Prime!
Our Plans
Monthsup-arrow