A sum of money doubles in 3 years at compound interest, compounded annually at the same rate. It will become 4 times itself in _____?
- 5 years
- 4 years
- 6 years
- None of these
Explanation
The sum of money doubles in 3 years, which means it becomes 2 times itself.
Since it's compounded annually at the same rate, the interest rate is consistent.
To become 4 times itself, it needs to double twice more (2 × 2 = 4).
Since it doubles every 3 years, it will double twice more in 2 × 3 = 6 years.
So, the correct answer is: 6 years
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