A sum of money triples in 10 years under simple interest. In how many years will it become 5 times?
Show answer & explanation
Correct answer: A
Explanation
Let the principal amount = P
In 10 years, the amount becomes 3P, i.e., interest = 2P
So, interest for 10 years = 2P
In simple interest, interest is proportional to time.
The amount to become 5 times = 5P
I.e., interest = 4P
T=20 years
Answer: 20 years