Nitin’s money becomes double in 4 years at compound interest. In how many years will it become sixteen times at compound Interest?
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
Create a FREE account and get:
Quick, Easy and Effective Revision
By proceeding you agree to create your account
Free CAT Formulae PDF will be sent to your email address soon !!!
