A certain sum becomes 4 times itself in 8 years at simple interest. In how many years will it become 12 times itself at the same rate?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 29 years.
In 8 years
Amount = 4P
So, SI = 4P − P = 3P
Rate per year =
For 12 times:
SI = 12P − P = 11P
Time = = = = 29 years