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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