An amount doubles itself at compound interest in 5 years. How many years will it take to make the amount 16 times itself ?
Question and options
An amount doubles itself at compound interest in 5 years. How many years will it take to make the amount 16 times itself ?
- 25
- 15
- 16
- 20
Answer and explanation
Correct answer: D - 20
The amount doubles every 5 years. 16 = 2^4, so it takes 4 doublings = 20 years.
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