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Q.

The sum of money placed at a compound interest doubles itself in 4 years. In how many years will it amount to eight times itself?


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a

16

b

8

c

12

d

20 

answer is C.

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Detailed Solution

Concept: Compound interest involves both principal amount and the interest gained in the time period.
Question ImageA: Amount
P: Principal
Question Imagen: time period
r: rate
After 4 years A will be twice the principal amount.
Question ImageWhen the amount is eight times the principal:
Question ImageFrom the first condition we get that,
Question ImageSubstituting this value in second condition;
Question ImageHence, the correct answer is option 3.
 
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