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A sum of money at simple interest becomes four times in 24 years. What is the rate of interest per annum? No worries! We‘ve got your back. Try BYJU‘S free classes today! Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! Solution The correct option is C 1212%We have, n = 4 and T =24 years. ∴ Rate of interest =100(n−1)T=100(4−1)24 =1212%A. 10% B. 20% C. 30% D. 40% Solution(By Examveda Team)$$\eqalign{ & {1^{{\text{st}}}}\,{\text{Method}}: \cr & {\text{Let rate is }}R\% \cr & {\text{Now}}, \cr & P = 100, \cr & A = 400, \cr & I = 400 - 100 = 300, \cr & {\text{Time}},\,T = 10\,{\text{years}} \cr & I = \frac{{PTR}}{{100}} \cr & {\text{Or}},R = \frac{{ {100 \times I} }}{{PT}} \cr & {\text{Or}},R = \frac{{ {100 \times 300} }}{{ {100 \times 10} }} \cr & {\text{Hence}},{\kern 1pt} R = 30\% \cr} $$ 2nd Method : 3rd Method :
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Sum of money becomes 4 times in 10 years at compound interest. ∴ It will become 8 times in 15 years.
For what time in years a sum of money will become 4 times itself at 10% pa?=(x×4100×x)years = 25 years.
In what time does a sum of money becomes 4 times at the Si rate of 5% per annum?Hence a sum of money become four times at the simple interest rate of 5% per annum in 60 years .
At what rate of compound interest a sum of money becomes 4 times itself in 4 years?Hence at an interest rate of 100% , the sum of money becomes 4 times itself.
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