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A sum of money 2 times itself at compound interest in 15 years In how many years, it will become 8 times of itself ? [ Calculator, Method and examples ]

Solution:
Your problem `->` A sum of money 2 times itself at compound interest in 15 years In how many years, it will become 8 times of itself ?


Here Let `P = X, N_1 = 15` then `A = 2 X`

`A = P (1 + R/100)^(N_1)`

`=> 2 X = X (1 + R/100) ^ 15`

`=> (1 + R/100) ^ 15 = 2 -> (1)`

After `N_2` years it will become `8` times of the original sum

`A = P (1 + R/100)^(N_2)`

`=> 8 X = X (1 + R/100)^(N_2)`

`=> (1 + R/100)^(N_2) = 8 -> (2)`


Now, solving `(1)` and `(2)`, we get

`N_2 = 45` years


Hence, the sum of money `8` times itself after `45` years.






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