A sum of money doubles itself at a certain rate of compound interest in 12 years when the interest is compounded annually. In how many years will it become eight times itself?
36
The correct answer is Option 3 i.e. 36.
Let the principal be P
After 12 years:
Amount = 2P
After another 12 years (total 24 years):
Amount = 4P
After another 12 years (total 36 years):
Amount = 8P
So, total time = 36 years
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