Question
Quantitative Ability and Data Interpretation Question on Compound Interest
A company publishes to its customers that at a certain compound interest rate, a sum of money deposited by anyone will become 8 times in 3 years. If the same amount is deposited at the same compound rate of interest, then in how many years will it become 16 times?
A
4 years
B
4.5 years
C
3 years
D
3.5 years
Answer
4 years
Explanation
Solution
The correct option is (A): 4 years