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Q
A certain sum quadruples in 4 years under compound interest at a certain rate of interest. In how many years would the...
A certain sum quadruples in 4 years under compound interest at a certain rate of interest. In how many years would the sum becomes 16 times itself at the same rate under compound interest ?
A
16 years
B
12 years
C
6 years
D
10 years
E
8 years
A
16 years
B
12 years
C
6 years
D
10 years
E
8 years
Solution
Let, P be the sum and the amount at the end of the four years is 4P.r = rate of interest per annumThe, R4 = 4Let after...
Let, P be the sum and the amount at the end of the four years is 4P.
r = rate of interest per annum
The, R4 = 4
Let after n years the amount becomes 16 times itself.
16P = PRn
Rn = 16 = 42 = (R4)2
Therefore, Rn = R8
n = 8 years
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Keynote
If a principal amount P is compounded annually at the rate of r% per annum, then the amount at the end of the nth year...
If a principal amount P is compounded annually at the rate of r% per annum, then the amount at the end of the nth year (after n years) is given by:
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