Question

A sum of money deposited at compound interest double itself in 4 year .It will amount to 16 times at the same rate in

Answer 1

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A sum of money doubles itself at a compound interest in 15 years. In how may years it will become 8 times ? ... Say initial amount = 100 ... Let's say amount of money = $2, then 8 times = 16 $ ... become 2*2*2 = 8 times as large it should double three times, so three 15 years time period are needed, which is 3*15 = 45 years.

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