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Get Answers to all your Questions
A sum of money under compound interest doubles itself in 4 years. In how many years will it become 16 times itself?
12 years
16 years
8 years
None of these
Answers (17)
if time is constant then the ratio of principal and amount is always constant in compound interest .
in 4 years sum become doubled P become 2P
p _____4 years ____2p___4years _____8p ___4 years ____ 16 p
4+4+4+4= 16 years
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let p be the principle amount
After 4 years, the amount is 2p.
Using the compoubd intrest formula: 2p=p(1+r)4
Divide both sides by p:2=(1+r)4
Take the fourth root of both sides: 1+r=2 1/4
Solve for r: r=2 1/4-1
It will take 16 years
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