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Multiple choice

A sum of money doubles itself at a compound interest in 12 years.The numbers of years it will take to become eight times is-

  1. 24

  2. 36

  3. 42

  4. 48

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Doubling time = 12 years. 2ⁿ = 8 gives n = 3. Three doubling periods needed. 3 × 12 = 36 years. Compound interest follows exponential growth based on powers of 2.

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