A sum of money at compound interest becomes 8 times in 3 years. In how many years will it become 512 times? MCQ with Answer and Explanation
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Question #1
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A sum of money at compound interest becomes 2 times in 3 years. In how many years will it become 32 times?
Correct Answer: Option D
Explanation:
32 = 2⁵, so 3 × 5 = 15 years.
32 = 2⁵, so 3 × 5 = 15 years.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself?
Correct Answer: Option D
Explanation:
A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 years. It will become 8 (2^3) times in 3 * 5 = 15 years.
A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 years. It will become 8 (2^3) times in 3 * 5 = 15 years.
This question belongs to:
Maths
Compound Interest
Question #3
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A sum of money at compound interest becomes 4 times in 2 years. In how many years will it become 16 times?
Correct Answer: Option D
Explanation:
4 times in 2 years; 16 = 4², so time = 2 × 2 = 4 years.
4 times in 2 years; 16 = 4², so time = 2 × 2 = 4 years.
This question belongs to:
Maths
Compound Interest
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