8. A sum of money is invested at a rate of 40% per annum. Find the minimumnumber of years after which it will become double if the interest is compoundedannually

8. A sum of money is invested at a rate of 40% per annum. Find the min

1.	8. A sum of money is invested at a rate of 40% per annum. Find the minimumnumber of years after which it will become double if the interest is compoundedannually
Answer» <html><body><p><strong>Answer:</strong></p><p>Let the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> be x and it becomes 2x in <a href="https://interviewquestions.tuteehub.com/tag/n-568463" style="font-weight:bold;" target="_blank" title="Click to know more about N">N</a> <a href="https://interviewquestions.tuteehub.com/tag/number-582134" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBER">NUMBER</a> of years</p><p>So <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> amount is x</p><p>x=x(r/100)×n</p><p>1=(40/100).n</p><p>40n=100</p><p>n=100/40=2.5 years=2years <a href="https://interviewquestions.tuteehub.com/tag/6months-332094" style="font-weight:bold;" target="_blank" title="Click to know more about 6MONTHS">6MONTHS</a></p></body></html>