A sum of money becomes 2.5 times itself at 12.5% simple interest p.a. What should be the period of investment to get this much return?
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Answer / Mohit Chandra Joshi
The formula for calculating the simple interest is I = PRT, where P is principal (initial amount), R is rate (in decimal form, i.e., 12.5% = 0.125), and T is time (in years). Since the final amount F equals 2.5 times the initial amount, we can set up an equation:
P + I = 2.5P
Using the simple interest formula, we rewrite I as PR^2T, substitute it into our equation, and solve for T:
2.5P - PR^2T = P => PR^2T = 4P => T = (4P)/(PR^2) = (4 / 0.125 * 100) / 12.5^2 ≈ 320 years
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