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Question 52
Nitin’s money becomes double in 4 years at compound interest. In how many years will it become sixteen times at compound Interest?
Solution
Given$$ P(1+\frac{R}{100})^{4}$$=2P
$$(1+\frac{R}{100})^{4}$$=2
$$(1+\frac{R}{100})$$=$$2^{1/4}$$
$$P(1+\frac{R}{100})^{n}$$=16P
$$(1+\frac{R}{100})^{n}$$=$$2^{4}$$
$$(1+\frac{R}{100})$$=$$2^{4/n}$$
Therefore 4/n =1/4
n=16 years
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