Consider the following statements.
If a money is loaned at simple interest then the :
(i) money gets doubled in 5 years if the rate of interest is $16\dfrac{2}{3}\%$.
(ii) money gets doubled in 5 years if the rate of interest is $20\%.$
(iii) money becomes four times in 10 years if it gets doubled in 5 years.
of these statements.
(i) and (ii) are correct
(iii) alone is correct
(ii) alone is correct
(ii) and (iii) are correct
(i) and (iii) are correct
Solution
$Statement~ (i)~~~~~~~~ \dfrac{P \times 5 \times 50}{100 \times 3} \neq P, hence~ wrong$
$Statement~ (ii)~~~~~~~~ SI = \dfrac{P \times 5 \times 20}{100} = P, hence~ correct$
$Statement~ (iii)~~~~~~~~ P = \dfrac{P \times 5 \times r}{100}~~ \Rightarrow~~r = 20\% $
$Again~~~~~~~~ SI = \dfrac{P \times 10 \times 20}{100} = 2P~ hence~ wrong$