CLAT Sample Paper CLAT Sample Paper-8

  • question_answer
    A sum of money placed at compound interest doubles itself in 4 yr. In how many years will it amount to eight times itself?

    A)  6 yr                             

    B)  8yr

    C)  9yr                  

    D)         12 yr               

    Correct Answer: D

    Solution :

    We have, \[P{{\left( 1+\frac{r}{100} \right)}^{4}}=2P\] \[\therefore \]                  \[{{\left( 1+\frac{r}{100} \right)}^{4}}=2\] Cubic on both sides, we get \[{{\left( 1+\frac{r}{100} \right)}^{12}}={{2}^{3}}=8\] \[\Rightarrow \]   \[P{{\left( 1+\frac{r}{100} \right)}^{12}}=8P\] Hence, the required time is 12 yr.

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