Arithmetic

Simple & Compound Interest

Hard

A sum of Rs. 1500 is invested at 5% p.a. simple interest. If the interest is added to the principal after every 10 years, the amount will become Rs. 3000 after :

$15\frac{1}{2}$ years

$16\frac{2}{3}$ years

18 years

20 years

✅ Correct Option: 2

In first 10 years, SI $= \frac{1500 \times 5 \times 10}{100} = 750$ . New principal $= 1500 + 750 = 2250$ . Need 750 more interest to reach 3000. Using SI: $750 = \frac{2250 \times 5 \times t}{100}$ , giving $t = \frac{20}{3}$ years. Total time $= 10 + \frac{20}{3} = \frac{50}{3} = 16\frac{2}{3}$ years.

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A sum of Rs. 1500 is invested at 5% p.a. simple interest. If the interest is added to the principal after every 10 years, the amount will become Rs. 3000 after :

Solution

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