A sum of money placed at compound interest doubles itself in years. In how many years would it be times of itself at the same rate of interest?
- A10 years
- B15 years
- C20 years
- D7 years
Solution & Step-by-step Explanation
Under compound interest, if a sum becomes times () in years, then it increases exponentially by powers of :
* Becomes times in years.
* Becomes times in years.
* Becomes times in years.
Thus, it will become times itself in years.
* Becomes times in years.
* Becomes times in years.
* Becomes times in years.
Thus, it will become times itself in years.