In how many years will the simple interest on a sum of money be equal to the principal at the rate of $$16\frac{2}{3}$$ % per annum ?
A. 4 years
B. 5 years
C. 6 years
D. 8 years
Answer: Option C
Solution(By Examveda Team)
$$\eqalign{ & {\text{16}}\frac{2}{3} = \frac{{1 \to {\text{ Interest}}}}{{6 \to {\text{ Principal }}}} \cr & {\text{Let principal = 6}} \cr & {\text{Interest = 6}} \cr & {\text{Time = t years}} \cr & {\text{By using formula }} \cr & {\text{6}} = \frac{{6 \times 50 \times {\text{t}}}}{{3 \times 100}} \cr & \Rightarrow {\text{t}} = 6\,{\text{years}} \cr} $$Alternate
Note : In such type of questions to save your valuable time think like the given way.
$$\eqalign{ & {\text{Rate}}\% \cr & {\text{ = 16}}\frac{2}{3}\% = \frac{{1 \to {\text{ Interest}}}}{{6 \to {\text{ Principal }}}} \cr & {\text{Represent for 1 years}} \cr & {\text{According to the question,}} \cr & {\text{Principal = Interest}} \cr & {\text{6 = 1}} \times {\text{6}} \cr & {\text{Hence,}} \cr & {\text{Time = 1}} \times {\text{6}} \cr & \,\,\,\,\,\,\,\,\,\,\,\,{\text{ = 6 years}} \cr} $$
Note : If interest will be six times then time will also be six times.
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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