Question 113

The amount doubles itself under Compound interest in 3 years. In how many years will it become 8 times of it?

Solution

The amount gets doubled in 3 years.

In case of compound interest, the amount will become $$2^n$$ times in $$3n$$ years

=> Final amount = $$8=(2)^3$$

Thus, after $$3\times3=9$$ years, amount will become 8 times.

=> Ans - (C)

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