Question
A sum of money placed at compound interest doubles itself in 5 years. it will amount to eight times itself at the same rate of interest in
Answer: Option C
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`P(1 + R/100)^5 = 2P `
`rArr (1+ R/100)^5 = 2` .........................................(i)
Let `P(1 + R/100)^n = 8P` `rArr (1 + R/100)^n = 8 = 2^3 = {(1 + R/100)^5}^3 ` [using(i)]
`rArr (1+ R/100)^n = (1 + R/100)^15`
`rArr n = 15`1
`:.` Required time = 15 years .
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