A sum of money compounded annually doubles itself in 5 years. In how many years will it become four times of itself?
- A. 10 years ✓
- B. 12 years
- C. 15 years
- D. 20 years
Correct Answer: A. 10 years
Explanation
If a sum doubles (2^1 times) in 5 years under compound interest, it will become four times (2^2 times) in 5 \times 2 = 10 years.
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