A sum of money doubles itself at compound interest in 5 years. In hom many years will it become 8 times
Answer (1)
14th Mar, 2020
Hello,
By using the formula - N' = N^( T1/T2)
where, N = Number of Times
T = Years
N' = 8 years = 2^3 ( Cube of 2)
N = 2 ( as it doubles)
T1 = 5
T2 = ? ( to find)
Putting the given values in the formula - N' = N^( T1/T2)
2^3 = 2^ (5/T2)
3 = T2/5
15 = T2
So it will take 15 years for the principal amount to becomes 8 times
Hope this was helpful.
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