A sum of money doubles itself in 8 years at simple interest. In how many years will the same sum become four times itself at the same rate?

Question

Accepted Answer

24. Doubling means interest equals the principal in 8 years. To become four times, interest must equal 3 times the principal, needing 8 x 3 = 24 years.

A sum of money doubles itself in 8 years at simple interest. In how many years will the same sum become four times itself at the same rate?

Step-by-Step Solution

Master this topic in 30 minutes a day.

More Simple & Compound Interest practice