Question : What is the approximate rate of simple interest per annum, if a sum of money becomes 6 times of itself in 15 years?
Option 1: 30%
Option 2: 2.5%
Option 3: 33.33%
Option 4: 25%
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Correct Answer: 33.33%
Solution : Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ Let the Principal amount be $P$ and the interest rate be $R$% per annum. Simple interest = 6$P – P$ = 5$P$ So, 5$P$ = $\frac{PR × 15}{100}$ ⇒ R = $\frac{500}{15}\approx$ 33.33% Hence, the correct answer is 33.33%.
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Question : A certain sum of money amounts to 3 times itself in 13 years when interest is compounded annually at a certain interest rate per annum. In how many years will the initial sum amount to 9 times itself at the same interest rate per annum, also compounded annually?
Option 1: 32 years
Option 2: 26 years
Option 3: 30 years
Option 4: 20 years
Question : At a certain rate of interest per annum, compounded annually, a certain sum of money amounts to two times itself in 11 years. In how many years will the sum of money amount to four times itself at the previous rate of interest per annum, also compounded annually?
Option 1: 20 years
Option 2: 5.5 years
Option 3: 22 years
Option 4: 33 years
Question : At a certain rate of simple interest per annum, a certain sum amounts to INR 24,000 in 7 years and to INR 32,000 in 12 years. What is the rate of simple interest paid per annum?
Option 1: 15%
Option 2: 25%
Option 3: 12.5%
Option 4: 20%
Question : In how many least number of complete years will a sum of money become more than four times itself at the rate of 14% per annum on simple interest?
Option 2: 25 years
Option 3: 29 years
Option 4: 22 years
Question : At what time does a sum of money amount to twice itself at the simple interest of 25% per annum?
Option 1: 8 years
Option 2: 2 years
Option 3: 4 years
Option 4: 10 years
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