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4

A sum of money doubles itself at compound interest in 15 years.in how many years will it become eight times?

A. 34 years

B. 37 years

C. 45 years

D. 47 years

Correct Answer :

C. 45 years


P(1+R/100)15=2P


(1+R/100)15=2P/P=2


LET P(1+R/100)n=8P


(1+R/100)n=8=23={(1+R/100)15}3[USING (I)]


(1+R/100)N=(1+R/100)45


n=45.


Thus, the required time=45 years.