A sum of money placed at compound interest becomes double of itself in 2 years. In how many years will it become 16 times of itself? MCQ with Answer and Explanation

Explanation:
For half-yearly compounding, New Rate = 12/2 = 6% per half-year, and Time = 2 half-years. Amount = 5000 * (1 + 6/100)^2 = 5000 * 1.1236 = Rs. 5618. Compound Interest = 5618 - 5000 = Rs. 618.

Explanation:
625(1 + r)² = 676 ⇒ (1+r)² = 1.0816 = (1.04)² ⇒ r = 4%.

Explanation:
800(1+r)² = 968 ⇒ (1+r)² = 1.21 ⇒ r = 10%.