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A sum of money place at compound interest doubles itself in 4 years. In how many years will it amount to eight times itself?

Correct answer: C. 12

  • A. 16
  • B. 8
  • C. 12
  • D. 20

Explanation

If the money doubles in 4 years, each 4-year period multiplies it by 2. Eight times the principal is 2^3, so it requires 3 x 4 years = 12 years. The likely mistake is choosing option b, 8 years, by confusing eight times with two doubling periods instead of three.

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