Class 8 Exam > Class 8 Questions > A sum of money doubles itself in 3 years at C...
Start Learning for Free
A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?
- a)6 years
- b)8 years
- c)12 years
- d)16 years
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
A sum of money doubles itself in 3 years at C.I., when the interest is...
Given, the sum of money doubles itself in 3 years at C.I.
Let the principal amount be P and the rate of interest be r.
After 3 years, the amount becomes 2P.
Using the formula for compound interest, we have:
2P = P(1 + r/100)^3
=> (1 + r/100)^3 = 2
=> 1 + r/100 = ∛2
=> r/100 = ∛2 - 1
=> r = 100(∛2 - 1)
Now, we need to find the number of years it will take for the amount to become 16 times the original amount.
Let the required number of years be n.
Using the same formula for compound interest, we have:
16P = P(1 + r/100)^n
=> (1 + r/100)^n = 16
=> n log(1 + r/100) = log 16
=> n = log 16 / log(1 + r/100)
Substituting the value of r, we get:
n = log 16 / log(1 + 100(∛2 - 1)/100)
=> n ≈ 12 years
Therefore, the correct answer is option (c) 12 years.
Let the principal amount be P and the rate of interest be r.
After 3 years, the amount becomes 2P.
Using the formula for compound interest, we have:
2P = P(1 + r/100)^3
=> (1 + r/100)^3 = 2
=> 1 + r/100 = ∛2
=> r/100 = ∛2 - 1
=> r = 100(∛2 - 1)
Now, we need to find the number of years it will take for the amount to become 16 times the original amount.
Let the required number of years be n.
Using the same formula for compound interest, we have:
16P = P(1 + r/100)^n
=> (1 + r/100)^n = 16
=> n log(1 + r/100) = log 16
=> n = log 16 / log(1 + r/100)
Substituting the value of r, we get:
n = log 16 / log(1 + 100(∛2 - 1)/100)
=> n ≈ 12 years
Therefore, the correct answer is option (c) 12 years.
Free Test
FREE
| Start Free Test |
Community Answer
A sum of money doubles itself in 3 years at C.I., when the interest is...
A sum of money doubles itself in 3 years at compound interest. It will amount to 16 times itself at the same rate of interest is: 9 years + 3 years = 12 years (C)
Attention Class 8 Students!
To make sure you are not studying endlessly, EduRev has designed Class 8 study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Class 8.
|
Explore Courses for Class 8 exam
|
|
Top Courses for Class 8View all
A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer?
Question Description
A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer?.
A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer?.
Solutions for A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 8.
Download more important topics, notes, lectures and mock test series for Class 8 Exam by signing up for free.
Here you can find the meaning of A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A sum of money doubles itself in 3 years at C.I., when the interest is compounded annually. In how many years will it amount to 16 times of itself?a)6 yearsb)8 yearsc)12 yearsd)16 yearsCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Class 8 tests.
|
|
Explore Courses for Class 8 exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup