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A sum of money placed at C.I. interest doubles itself in 5 years. It will amount to eight times itself at the same rate of interest in?

Correct answer: C. 15 years

  • A. 7 years
  • B. 10 years
  • C. 15 years
  • D. 20 years

Explanation

If the amount doubles in 5 years, it becomes 2 times the principal in each 5-year period. Eight times the principal is 2^3, so it requires 3 such periods: 3 x 5 years = 15 years. The likely wrong choice is 10 years, which produces only 2^2 = 4 times the principal.

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Percentages express a quantity as parts per hundred and support calculations involving increases, decreases, discounts, commissions, taxes, and successive changes. Questions require distinguishing percentage change from percentage points and identifying the original value when a final value and its percentage change are given.

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