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A sum of money lent out at C.I at a certain rate per annum doubles itself in 5 years. Find in how many years will the money become eight times of itself at the same rate of interest P.A.

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answer is C.

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Detailed Solution

In 5 years, sum P doubled itself. So, A = 2P

A = P {(1 + \frac{R}{100})}^{n}

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

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

If A = 8P

\Rightarrow P {(1 + \frac{R}{100})}^{n} = 8 P

\Rightarrow {\{{(1 + \frac{R}{100})}^{5}\}}^{\frac{n}{5}} = 8

\Rightarrow 2^{\frac{n}{5}} = 2^{3}

\Rightarrow n = 15

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