A sum of money double itself at compound interest in 15 years. In how many years will it become eight times.
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8th
Maths
Comparing Quantities
Compound Interest
A sum of money doubles itse...
MATHS
A sum of money doubles itself at compound interest in 15 years. Then number of years required to make it eight times is
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ANSWER
Let the sum be x and CI=2x
We know that
CI=P(1+
100
R
)
T
2x=x(1+
100
R
)
15
(1+
100
R
)
15
=2 .............(1)
Let m be the number of years.
Therefore,
x(1+
100
R
)
m
=8x
(1+
100
R
)
m
=2
3
(1+
100
R
)
m
=[(1+
100
R
)
15
]
3
From eq
n
(1)
(1+
100
R
)
m
=(1+
100
R
)
45
On comparing both power, we get
m=45 years
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