A sum of money doubles itself at compound interest in 8 years. In how many years will it become 16 times? MCQ with Answer and Explanation

Explanation:
5000(1.1)^t = 6050 ⇒ (1.1)^t = 1.21 = (1.1)² ⇒ t = 2.

Explanation:
Half-yearly rate = 4/2 = 2%. Time = 2 years = 4 half-years. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.

Explanation:
Rate = (5324/4840 − 1) × 100 = (1.1 − 1) × 100 = 10%.