Question

A sum of money at compound interest doubles itself in 15 years. It will become eight times of itself in how many years at the same rate of interest per annum?

• A. 60 years
• B. 54 years
• C. 48 years
• D. 45 years

Answer 1

Answer:

D. 45 years

The sum becomes 2 times in = 15 years 8 times (2^3) = 15 × 3 8 times = 45 years