A sum of money doubles itself in 5 years
Asked by admin @ in Math viewed by 315 People
A sum of money doubles itself in 5 years. How much time will it taken for it to quadruple at the same rate of interest ?
Answered by admin @
Answer:
If the money doubles in 5yesrs then interest is same as principal
Let principal be p, then interest = p
p = p×r×5/100
1 = r/20
r = 20%
Let T be time to quadruple
Then for principal p, interest = 3p
3p = p ×20 ×T/100
3 = T/5
T = 3×5 = 15 years
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