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A sum of money becomes double in 3years at compound Interest compounded annually. At the same rate, in how many years will it become four times of itself

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A sum of money becomes double in 3years at compound Interest compounded annually. At the same rate, in how many years will it become four times of itself
1). 4 years
2). 6 years
3). 6.4 years
4). 7.5 years

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2 answers

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Answered by on | Votes 0 |
Its very simple question 6 years is the correct answer.

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Answered by on | Votes 1 |

A = P ($1+\frac{R^{T}}{100}$)

Let P. , A = 2
 2 = 1($1+\frac{R^{3}}{100}$)

On squaring both sides.

4 = 1 ($1+\frac{R^{6}}{100}$)

Time = 6 years




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