Question:
In what time will the simple interest on a certain sum of money at 6% p.a be 5/8 of itself ?
Answer:
Let the sum is p and time is t.
Then simple interest = 5p/8
Now,
Simple interest = (p*t*6)/100
=> 5p/8 = (p*t*6)/100
=> 5/8 = (t*6)/100
Applying cross multiplication, we get
t*6*8 = 5*100
=> t =(5*100)/(6*8)
=> t = (5*25)/(6*2)
=> t = 125/12
=> t = 10 years 5 months
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