A sum of money doubles itself in 5 years at a certain rate of compound interest. In how many years will it be sixteen times at the same rate?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 20.
⇒ 2n = 16
⇒ 2n = 24
⇒ n = 4
So, time = 5 × 4 = 20 years