Mathematical Aptitude - Interest

9. An amount doubles itself in 15 years, what is the rate of interest?

  • Option : C
  • Explanation : Let the principle be P.
    As the amount doubles itself the interest is P too.
    So P = P × r × 15/100
    ⇒ r = 100/15 = 20/3% = 6.66%
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10. A certain sum of money amounts to Rs 2500 in a span of 5 years and further to Rs 3000 in a span of 7 years at simple interest. The sum is

  • Option : D
  • Explanation : 2500 in 5th year and 3000 in 7th year.
    So in between 2 years, Rs 500 has increased.
    ⇒ For a year 500/2 = 250
    So, per year it is increasing Rs 250, then in 5 years
    ⇒ 250 × 5 = 1250
    Hence, the initial amount must be 2500 – 1250
    = Rs 1250.
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