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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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Answered by subhashmkg667
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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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