A sum of money invested at simple interest triples itself in 8 years and becomes n times in 20 years. What is the value of n?
A.5
B.6✓ Correct
C.7·5
D.9
Explanation
Triples in 8 years means SI in 8 years = 2P (since amount = 3P = P + SI). So rate × 8 = 200%, rate = 25% per year. In 20 years, SI = P × 25% × 20 = 5P. Amount = P + 5P = 6P. So n = 6.
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