A man gets double the amount in 7 years at a certain rate percent. In how many years, he gets 8 times the amount at the same rate?
- AOption (a)
56 years
- BOption (b)
49 years
- COption (c)
25 years
- DOption (d)
14 years
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Correct answer
49 years
Why this answer is correct
Given
Time (T1) = 7 years
Time (T2) = ?
Formula used
S.I = PRT/100
Where SI = simple interest
P = principal
R = interest rate (in percentage)
T = time duration (in years)
Solution
Let the principal = a
Amount = 2a
S.I = 2a - a = a
a = (a × r × 7)/100
r = 100/7%
Now since the amount becomes 8 times,
S.I = 8a - a = 7a
7a = (a × 100/7 × T2)/100
T2 = 49 years
The correct option is 2.