A sum of money triples in 10 years at simple interest. In how many years will it quadruple?
Explanation:
Let amount P triples in 20 years. Hence, interest 2P (= 3P - P) is accumulated in 10 years.
For the same amount to quadruple, an interest of 3P (= 4P - P) has to be accumulated.
Since, interest accumulated has to become 1.5 times, the time required will also be 1.5 times.
∴ Time required = 10 × 1.5 = 15 years.
Hence, 15.
» Your doubt will be displayed only after approval.
Help us build a Free and Comprehensive Preparation portal for various competitive exams by providing us your valuable feedback about Apti4All and how it can be improved.