Compound Interest Practice Test 1

Question : 34 of 40

Marks: +1, -0

A sum of money at compound interest amounts to thrice itself in 3 years. In how many years will it be 9 times of itself?

Solution:

Let the sum of money = x
Amount = 3x
So,

3x=x(1+r/100)^3

3=(1+r/100)^3

Squaring both sides, we get

9=(1+r/100)^6

In 6 years Amount will be 9 times itself.

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