An amount is said to double in 5 years with compound interest. How many years…
2025
An amount is said to double in 5 years with compound interest. How many years will it take for the amount to grow to 8 times its original value?
- A.
15
- B.
16
- C.
17
- D.
18
Attempted by 3 students.
Show answer & explanation
Correct answer: A
1. Double in 5 years means 2^1 = 2 times in 5 years. 2. 8 times is 2^3 times, so years = 5 * 3 = 15 years.