A sum of money at compound interest doubles itself in 15 years. It will become eight times itself in
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → 45 years
Under compound interest the amount is multiplied by the same factor in every equal period. If it doubles in 15 years, then in each further 15 years it doubles again.
8 times \(=2\times2\times2=2^3\), that is, three doublings
Time \(=3\times15=45\) years