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21 Jun 2020, 10:02
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Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
50% (02:04) correct
50%
(02:21)
wrong
based on 16
sessions
History
Date
Time
Result
Not Attempted Yet
If a sum lent at simple interest amounts to 3240$ in 4 years and to 3780$ in 6 years, in how many years will the sum become twice of itself?
A. 4
B. 6
C. 12
D. 8
E. 10
A. 4
B. 6
C. 12
D. 8
E. 10
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22 Jun 2020, 03:48
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Satishqwerty
The question is so ambiguously worded it's impossible to tell what it's asking for. The question at the end appears to treat "the sum" as a constant, but the first sentence treats it as a variable. The question needs to make clear that it's asking how many years it will take the initial investment to double, since it's otherwise reasonable to think it's asking how long it will take the $3240 to double (since the question tells us that's what the "sum amounts to"). There's no need to study from questions worded like this - what is the source?
Anyway, when interest is simple, the amount you make is the same every year, since it's based only on the initial investment (there is no compounding). So if the investment increases by $540 in the two years between the fourth and sixth year, it increases by $540 in every two-year period. So we can work backwards to find that the initial investment was $2160, and for this to double, so to increase by $2160, we'll need to wait for four two-year periods, since 2160/540 = 4. So it will take 8 years.
