A sum of money at simple interest doubles in 8 years. It will become four times in:
Show answer & explanation
Correct answer: A
Explanation
Amount Doubles in 8 Years
Doubled ⇒ Principal + 1P = 2P (8 years)
Interest Earned = P (in 8 years)
Quadrupled ⇒ Principal + 3P = 4P
Interest Required = 3P
Time = 3 × 8 = 24 years