A certain sum of money becomes double of itself in 5 years at a rate of simple interest. In how many years will it become 16 times of itself at the same rate of simple interest?
1). 20
2). 60
3). 75
4). No option is correct.
A amount is doubled when it gets the same amount as interest.
So if we have to make money 16 times then its interest would be 15 times.
Time taken to 1 time interest = 5 years
∴ Time taken to get 15 times interest = 15 × 5 = 75 years