A sum of money at compound interest doubles itself in 15 years. It will become eight times of itself in?Options45 years54 yearsNone of these60 years48 years
Question
A sum of money at compound interest doubles itself in 15 years. It will become eight times of itself in?Options45 years54 yearsNone of these60 years48 years
Solution
The problem is about compound interest. We know that the sum of money doubles itself in 15 years. This means that the money is multiplied by 2 in 15 years.
We want to find out when the money will be multiplied by 8. Since 8 is 2^3, we can say that the money will be multiplied by 8 in 3 times the period it takes to double.
Therefore, the money will be eight times of itself in 15 years * 3 = 45 years.
So, the answer is 45 years.
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