Exams › SSC CGL (Prelims) › General

A sum of money triples itself in 8 years at simple interest. In how many years will it become 7 times itself at the same rate of interest?

1. 18 years
2. 24 years
3. 20 years
4. 16 years

Correct answer: 24 years

Solution

At simple interest, tripling means the interest earned in 8 years equals 2 times the principal. So the yearly interest is \(\frac{2P}{8}=\frac{P}{4}\). To become 7 times, the interest must be 6 times the principal, which takes \(6P \div \frac{P}{4}=24\) years.

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