Q54. A sum of money doubles itself at annual rate of compound interest in 6 years. In how many years will it become 16 times at the same rate of compound interest?

Question

Testwala · Accepted Answer

24 years

Testwala · Answer

Explanation: 16 = 2^4, so it takes 4 doublings: 4 x 6 = 24 years.

Q54. A sum of money doubles itself at annual rate of compound interest in 6 years. In how many years will it become 16 times at the same rate of compound interest?

Answer: C. 24 years

Explanation

Q54. A sum of money doubles itself at annual rate of compound interest in 6 years. In how many years will it become 16 times at the same rate of compound interest?

Answer: C. 24 years

Explanation