A sum of money placed at C.I. interest doubles itself in 5 years. It will amount to eight times itself at the same rate of interest in?

Compound Interest 08/11/2020

A. 7 years
B. 10 years
C. 15 years
D. 20 years

Explanation:

P(1 + R/100)5 = 2P => (1 + R/100)5 = 2

Let P(1 + R/100)n = 8P
=> (1 + R/100)n = 8 = 23 = {(1 + R/100)5}3
=> (1 + R/100)n = (1 + R/100)15 => n = 15 Required time = 15 years.

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