If a sum on compound interest becomes 3 times in a certain number of years, then with the same interest rate, in how many years will it become 27 times?
- 9 years
- 12 years
- 6 years
- 18 years
Explanation
If a sum becomes 3 times in x years, and you're using compound interest, then:
-
In 2x years, it becomes time
-
In 3x years, it becomes time
So, if the sum triples in 4 years, it becomes 27 times in years.
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