A sum of money becomes 5 times in 5 years then in how many years it will become 9 times

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A sum becomes two times in 7 years at compound interest. In how many years the same sum will become 16 times?a)21b)28c)35d)19Correct answer is option 'B'. Can you explain this answer? for Defence 2022 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about A sum becomes two times in 7 years at compound interest. In how many years the same sum will become 16 times?a)21b)28c)35d)19Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2022 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum becomes two times in 7 years at compound interest. In how many years the same sum will become 16 times?a)21b)28c)35d)19Correct answer is option 'B'. Can you explain this answer?.

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Solution

Let, Principal amount be P.

Rate of interest be R per annum.

Time of investment is (T)=12 years.

Sum of the money becomes three times in 12 years.

⇒A=3P.

⇒A=P+(P×T×R100)

⇒3P=P(1+T×R100)

⇒3=1+12×R100

⇒3−1=12R100

⇒2=3R25

⇒50=3R

⇒503=R

Now, we need to find the number of years T such that, Sum of the money becomes five times.

⇒5P=P(1+T×R100)

⇒5=1+T×503×100

⇒5−1=T×13×2

⇒4=T6

⇒24=T

will it become 5 times at the same rate of simple interest 24 years.