Simple & Compound Interest · Question 13 · Hard
A sum of money placed at compound interest doubles itself in 5 years. In how many years will it become 8 times itself?
- 10 years
- 15 years
- 20 years
- 25 years
Answer and explanation
Answer: B. 15 years
Explanation: 8 = 2^3, so the sum must double three times. That takes 3 × 5 = 15 years.
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