A sum of money becomes double at certain compound rate of interest in n years. In how many years it will become rour times at the same compound rate of interest?
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Answer:
Step-by-step explanation:
Formula for this is n2= n1 ^(t2/t1)
n= Number of times
t= years
n2=8 =2^3
n1=2(doubles)
t2=? (we have to find)
t1=5
Applying this in formula
2^3=2^(t2/5)………2 cancelled each other
3=t2/5
t2= 15
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