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1000 Rs. is invested at 5% per annum simple interest. If the interest is added to the principal after every 10 years, the amount will become 2000 Rs. after :

August 30, 2016 Quiz Questions

1000 Rs. is invested at 5% per annum simple interest. If the interest is added to the principal after every 10 years, the amount will become 2000 Rs. after :
[A]15\ years
[B]16\frac{2}{3}\ years
[C]18\ years
[D]20\ years

\mathbf{16\frac{2}{3}}\ years
After 10 years
SI = \frac{1000\times 5\times 10}{100} = 500\ Rs.
Principal for 11th year = 1000 + 500 = 1500 Rs.
\therefore T = \frac{SI\times 100}{P\times R} = \frac{500\times 100}{1500\times 5}
= \frac{20}{3}\ years = 6\frac{2}{3}\ years
∴ Total time = 10+6\frac{2}{3} = 16\frac{2}{3}\ years
Hence option [B] is correct answer.

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