Posted by **indu** on Thursday, July 3, 2008 at 11:49am.

an amount gets doubled in 15 years with compund intrest.In how many years amount will become 8 times,using the same compund intrest ?

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**tchrwill**, Thursday, July 3, 2008 at 12:06pm
an amount gets doubled in 15 years with compund intrest.In how many years amount will become 8 times,using the same compund intrest ?

S = P(1 + i)^n where P = the invested amount, i = the decimal periodic interest rate and n = the number of inrterest paying periods.

Therefore, 2 = 1(1 + i)15 (assuming interest compounded yearly)

Solving, i = .04729 making the annual interest rate of 4.729%.

At the same interest rate and AS/P = 8,

8 = (1.047829)^n.

solving, n = ~45 years.

Checking, S = 1(1.04729)^45 = ~8.

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