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

Question

Accepted Answer

32 years. Doubles in 8 years means SI = P in 8 years, so rate = 100/8 = 12.5% p.a. For 5 times, SI needed = 4P. Time = 4P/(P×12.5/100) = 400/12.5 = 32 years.

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

Explanation

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