Question 36
A sum of money quadruples itself in 18 years at simple interest. In how many years will it become 6 times itself?
Step-by-Step Solution
CONCEPT USED
Simple Interest
STEP-BY-STEP SOLUTION
Quadruples (4P) in 18 yrs
SI = 3P in 18 yrs
Annual SI = 3P/18 = P/6. To become 6P, SI needed = 5P. Time = 5P / (P/6) = 30 years.
FINAL