A) 10 years
B) 12 years
C) 15 years
D) 20 years
Correct Answer: C
Solution :
\[P{{\left( 1+\frac{R}{100} \right)}^{5}}=2P\] \[\Rightarrow \] \[{{\left( 1+\frac{R}{100} \right)}^{2}}=2\] Let \[P{{\left( 1+\frac{R}{100} \right)}^{n}}=8P\] then \[{{\left( 1+\frac{R}{100} \right)}^{n}}=8={{2}^{3}}\] \[={{\left\{ {{\left( 1+\frac{R}{100} \right)}^{5}} \right\}}^{3}}={{\left( 1+\frac{R}{100} \right)}^{15}}\] \[\therefore \] \[n=15\] year
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