A sum of money will become double in 5 years of compound interest.How much time it will become 16 times time at the same rate of interest.
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Answer:
20 years
Step-by-step explanation:
Let principal be x.
Time is 5 years
Let Rate be r.
Amount will be 2x.
=> 2x = x(1 + r/100)^5
=> 2^1/5 = 1 + r/100
Now, Principal is x.
Amount after t years = 16x. (given)
=> 16x = x(1 + r/100)^t
=> 2^4 = 2^t/5
=> 4 = t/5 [using exponents]
=> t = 20
Therefore, Answer = 20 years
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