Multiple Choice Questions on A sum of money doubles itself at compound interest in 15 years In how many years will it become eigh........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A sum of money doubles itself at compound interest in 15 years In how many years will it become eigh...........

Quantitative Aptitude ( CCS) Compound Interest
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    A sum of money doubles itself at compound interest in 15 years. In how many years will it become eight times?

    30

    Incorrect Answer

    45

    Correct Answer

    50

    Incorrect Answer

    60

    Incorrect Answer
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    Explanation:

    2P=p(1+r/100)^15
    (1+r/100)=2^(1/15)
    so
    8p=p(1+r/100)^T
    2^3=2^(T/15)
    so T=45yrs

    Hence, option 2 is the correct answer.

    By: Amit Kumar
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