Compound-Interest
Question 1 |
A sum of money doubles at compound interest in 6 years. In how many years will it become 16 times?
16 years | |
24 years
| |
48 years | |
96 years |
Question 1 Explanation:
Assume the initial sum is x,
After six years, the amount becomes double which is 2x
After 12 years, again the amount is double(compound interest), which is 4x
After 18 years, again the amount is double(compound interest), which is 8x
After 24 years,again the amount is double(compound interest), which is 16x
After six years, the amount becomes double which is 2x
After 12 years, again the amount is double(compound interest), which is 4x
After 18 years, again the amount is double(compound interest), which is 8x
After 24 years,again the amount is double(compound interest), which is 16x
There is 1 question to complete.