A sum of money invested at compound interest doubles in 5 years. In how many years will it become 8 times itself?
A10 years
B12 years
C15 years
D20 years
Explanation
Amount multiplies by 2 every 5 years. 8 times = 2^3 times. Time required = 3 * 5 = 15 years.
Exam Relevance
- Topic: Interest
- Subtopic: Compound Interest
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