Others Maths Puzzle Numerical Ability Simple & Compound Interest

If a sum of money grows to 144/121 times when invested for two years in a scheme where interest is compounded annually, how long will the same sum of money take to tribble if invested at the same rate of interest in a scheme where interest is computed using simple interest method?

Read Solution (Total 2)

A = P(1+R/100)^n
since amount becomes 144/121 times principal in 2 yrs

144/121*P = P(1+R/100)^2

(12/11)^2 = (1+R/100)^2

1+R/100 = 12/11

R = 100/11

In the case of simple interest the amount becomes three times (ie 3P)

A=P+I
3P= P + PNR/100
PNR/100 = 2P
N=200/R
= 200*11/100 = 22years
10 years agoHelpfull: Yes(4) No(0)

time taken will be 22 year.
if sum of money becomes 144/121 aftr 2 yr at CI....that means rate would be 100/11 p.a.

acc to SI
200=1*100/11*t
nw aftr solving t=22 years
10 years agoHelpfull: Yes(0) No(0)

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