Consider the following statements
If a sum of money is lent at simple interest, then the
I - money gets doubled in 5 years if the rate of interest is $$16\frac{2}{3}$$ %
II - money gets doubled in 5 years if the rate of interest is 20%.
III - money becomes four times in 10 years if it gets doubled in 5 years.
A. I and III are correct
B. II alone is correct
C. III alone is correct
D. II and III are correct
Answer: Option B
Solution(By Examveda Team)
$$\eqalign{ & {\text{Let sum be x}}{\text{.}} \cr & {\text{Then,}} \cr & {\text{S}}{\text{.I}}{\text{.}} = x \cr & {\text{I - Time}} \cr & = \frac{{100 \times x}}{{x \times \frac{{50}}{3}}} \cr & = 6\,{\text{years(false)}} \cr & {\text{II}} - {\text{Time}} \cr & = \frac{{100 \times x}}{{x \times 20}} \cr & = 5\,{\text{years(True)}} \cr & {\text{III}} - {\text{Suppose sum}} = x. \cr & {\text{Then, S}}{\text{.I}}{\text{. }} = x \cr & {\text{Time }} = {\text{5 }}{\text{years}}{\text{.}} \cr & {\text{Rate}} = \left( {\frac{{100 \times x}}{{x \times 5}}} \right)\% \cr & \,\,\,\,\,\,\,\,\,\,\,\, = 20\% . \cr & {\text{Now, sum}} = x,\,{\text{S}}{\text{.I}}{\text{.}} = 3x\,{\text{and}}\,{\text{Rate}} = 20\% \cr & \therefore {\text{Time}} = \left( {\frac{{100 \times 3x}}{{x \times 20}}} \right){\text{years}} \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = 15\,{\text{years}}(\text{false}) \cr & {\text{So, B alone is correct}}{\text{.}} \cr} $$Related Questions on Interest
Find the simple interest on Rs. 5200 for 2 years at 6% per annum.
A. Rs. 450
B. Rs. 524
C. Rs. 600
D. Rs. 624
Rs. 1200 is lent out at 5% per annum simple interest for 3 years. Find the amount after 3 years.
A. Rs. 1380
B. Rs. 1290
C. Rs. 1470
D. Rs.1200
E. Rs. 1240
Interest obtained on a sum of Rs. 5000 for 3 years is Rs. 1500. Find the rate percent.
A. 8%
B. 9%
C. 10%
D. 11%
E. 12%
Rs. 2100 is lent at compound interest of 5% per annum for 2 years. Find the amount after two years.
A. Rs. 2300
B. Rs. 2315.25
C. Rs. 2310
D. Rs. 2320
E. None of these
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