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A sum of amount at certain rate of compound interest double in 3 years. In 9 years it will be k times of the original principal. What is the value of k?
1. 8
2. 6
3. 9
4. 10

1 Answer

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Best answer
Correct Answer - Option 1 : 8

Formula Used :

For compound interest

A = P(1 + R/100)n

where P → Principal Amount

A → Final Amount 

R→ Interest rate

n → Time Period

Given:

Sum of amount at a certain rate of compound interest double in 3 years

∴  A = P(1 + R/100)n

⇒ 2P = P (1 + R/100)3

⇒ 2 = (1 + R/100)

Now, In 9 years amount will be k times of the original principal

⇒ kP = P(1 + R/100)9 

⇒ kP = P{(1 + R/100)3}3

⇒ kP = P(2)3 = 8 × P

⇒ k = 8

∴ The value of k is 8

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