A sum of money placed at C.I. interest doubles itself in 5 years. It will amoun

Question

A sum of money placed at C.I. interest doubles itself in 5 years. It will amount to eight times itself at the same rate of interest in?

Options:

A . 7 years

B . 10 years

C . 15 years

D . 20 years

Answer: Option C

P(1 + R/100)⁵ = 2P => (1 + R/100)⁵ = 2 Let P(1 + R/100)ⁿ = 8P => (1 + R/100)ⁿ = 8 = 2³ = {(1 + R/100)⁵}³ => (1 + R/100)ⁿ = (1 + R/100)¹⁵ => n = 15
Required time = 15 years.

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