A certain sum of money increased by 72.8% at a certain rate in three years with interest being compounded annually. If the same sum is lent at simple interest at the same rate of interest, in how many years would it become four times itself?

  • Option 1)

    5 years

  • Option 2)

    8 years

  • Option 3)

    6 years

  • Option 4)

    15 years

  • Option 5)

    11 years

Answers (1)

let  p = 100 then rate

C.I.=P\left [ 1+ \frac{R}{100} \right ]^{T}-P

72.8=100\left [ 1+ \frac{R}{100} \right ]^{3}-100

If a sum of is getting 4 times then the sum gets 300 % interest

So , P to 4P = 20 \times X = 300

X = 15 years

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