Q. A sum of money doubles in 5 years at annual compound interest. Then in how many years will this sum of money become 8 times itself at the same rate of Interest Compounded annually?

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Solution

The correct option is C 15
$A = P (1 + \frac{R}{100})^{T}$

$2 P = P (1 + \frac{R}{100})^{5}$

$2 \times 2 \times 2 = (1 + \frac{R}{100})^{5} \times (1 + \frac{R}{100})^{5} \times (1 + \frac{R}{100})^{5}$

$8 = (1 + \frac{R}{100})^{15}$

$T = 15 y e a r s$

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Q. A sum of money doubles in 5 years at annual compound interest. Then in how many years will this sum of money become 8 times itself at the same rate of Interest Compounded annually?

The correct option is C 15A=P(1+R100)T 2P=P(1+R100)5 2×2×2=(1+R100)5×(1+R100)5×(1+R100)5 8=(1+R100)15 T=15 years

The correct option is C 15
$A = P (1 + \frac{R}{100})^{T}$

$2 P = P (1 + \frac{R}{100})^{5}$

$2 \times 2 \times 2 = (1 + \frac{R}{100})^{5} \times (1 + \frac{R}{100})^{5} \times (1 + \frac{R}{100})^{5}$

$8 = (1 + \frac{R}{100})^{15}$

$T = 15 y e a r s$