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Question 146
A sum of money becomes eight times in 3 years, if the rate is compounded annually. In how much time will the same amount at the same compound rate become sixteen times?
Solution
$$P(1+ \frac{r}{100})^3 = 8P$$ (Where P is principal amount , r is rate)
So $$(1+ \frac{r}{100}) = 2$$
Now for 16 times
$$P(1+ \frac{r}{100})^t = 16P$$
or $$2^t = 16$$
or $$t = 4$$
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