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If a sum of money placed at compound interest, compound annually, doubles itself in 5 years, then the same amount of money will be 8 times of itself in
  • a)
    25 years
  • b)
    20 years
  • c)
    15 years
  • d)
    10 years
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
If a sum of money placed at compound interest, compound annually, dou...
Using the formula,
8 = 2n/5
23 = 2n/5
n/5 = 3
n = 15 years
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If a sum of money placed at compound interest, compound annually, doubles itself in 5 years, then the same amount of money will be 8 times of itself ina)25 yearsb)20 yearsc)15 yearsd)10 yearsCorrect answer is option 'C'. Can you explain this answer?
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