A sum of money at compound interest doubles itself in 15 years. It will become eight times of itself in
Options:
A . 60 years
B . 45 years
C . 54 years
D . 48 years
Answer: Option B Answer: (b)A = P$(1 + R/100)^T$2 = 1$(1 + R/100)^15$Cubing on both sides, we have8 = 1$(1 + R/100)^45$Required time = 45 yearsUsing Rule 5,Here, m = 2, t = 15 yearsIt becomes 8 times = $2^3$ timesin t × n years= 15 × 3 = 45 years
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