An amount on compound interest is doubled to the original amount in 3 years. In how many yearswill it be eight times its original amount
Question
Solution 1
The problem is based on the concept of compound interest.
Given that the amount doubles in 3 years, this means that the interest rate is such that it causes the amount to double in 3 years.
We need to find out how long it will take for the amount to become eight times its original amount.
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