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SSC CPO 2024 PYQ — Question 127

SSC CPO - 27 June 2024 - Shift 3 • Quantitative Aptitude • Q127

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A person deposited some amount of money in the bank at simple interest. After 20 years, the amount became nine times the amount deposited. In how many years will the amount become 13 times the amount if the interest rate remains the same?

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Correct answer: B

Explanation

The correct answer is Option 2 i.e. 30.

Given that

The amount becomes 9 times in 20 years

Let the initial amount be P

Hence the amount becomes 9P

Formula used 

Amount = P + S.I

S.I = PRT100\frac{PRT}{100}

Hence, 9P = P + S.I

⇒ 8P = S.I = 20PR100\frac{20PR}{100}

We get R = 40%

Now, let the amount become 13P in T years

⇒ 13P = P + S.I

⇒ 12P = 40PT100\frac{40PT}{100}

We get T = 30 years.