Question 108

The amount doubles itself under Compound interest in 7 years. In how many years will it become 64 times of it? (in years)

Solution

The amount gets doubled in 7 years.

In case of compound interest, the amount will become $$2^n$$ times in $$7n$$ years

=> Final amount = $$64=(2)^6$$

Thus, after $$7\times6=42$$ years, amount will become 64 times.

=> Ans - (A)

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