Consider the following statements. If a sum of money is lent at simple interest, then the (I) money gets doubled in 5 yr. if the rate of interest is 16 2\3%. (II) money gets doubled in 5 yr, if the rate of interest is 20%. (III) money becomes four times in 10 yr, if it gets doubled in 5 yr.

Explanation:

Let the sum of money lent be Rs.P.Then,I. SI received after 5 yr=P×50×5\3×100=5\6PAmount after 5 yr=P+5\6P=11P\6Therefore, I is not correctII. S.I. after 5 year= P×20\100×5=PTherefore, Amount = P+P = 2PTherefore, II is correct.III, Amount aftr 10 yr at the rate of 20%= P+P×20×10\100=P+2P=3PTherefore, III Is not correct.Hence, II is the correct option.