model 2 at ci sum becomes ‘n’ times after ‘t’ years Practice Questions Answers Test with Solutions & More Shortcuts
compound interest PRACTICE TEST [6 - EXERCISES]
model 1 basic compound interest using formula
model 2 at ci sum becomes ‘n’ times after ‘t’ years
model 3 combination of si & ci
model 4 difference in ci & si
model 5 ci with instalments
model 6 comparing sum in different years
Question : 16 [SSC CPO S.I.2007]
A sum of money doubles itself in 4 years at compound interest. It will amount to 8 times itself at the same rate of interest in :
a) 24 years
b) 18 years
c) 16 years
d) 12 years
Answer »Answer: (d)
A sum of Rs.x becomes Rs.2x in 4 years.
Similarly, Rs.2x will become 2 × 2x
= Rs.4x in next 4 years and Rs.4x will become
2 × 4x = Rs.8x in yet another 4 years.
So, the total time = 4 + 4 + 4 = 12 years
Using Rule 5,A certain sum becomes 'm' times of itself in 't' years on compound interest then the time it will take to become mn times of itself is t × n years.
Here, m = 2, t = 4
Time taken to become
$2^3$ = n × t years
= 3 × 4 = 12 years
Note : If a sum of money becomes n times in t years, it will become $t^1 = n^x$ times at the same rate of interest in $t^1$ years given by,$t^1$ = xt
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model 2 at ci sum becomes ‘n’ times after ‘t’ years Shortcuts »
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model 1 basic compound interest using formula
Defination & Shortcuts … -
model 2 at ci sum becomes ‘n’ times after ‘t’ years
Defination & Shortcuts … -
model 3 combination of si & ci
Defination & Shortcuts … -
model 4 difference in ci & si
Defination & Shortcuts … -
model 5 ci with instalments
Defination & Shortcuts … -
model 6 comparing sum in different years
Defination & Shortcuts …
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