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1 . A sum of money placed at compound interest doubles itself in 4 years. In how many years will it amount to 8 times itself?

A. 12 years
B. 8 years
C. 16 years
D. 64 years

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Answer: Option A

Explanation:

When a sum of money doubles itself at compound interest in a certain period, it means it has grown by a factor of 2. To find out in how many years it will amount to 8 times itself, we need to determine the number of times it needs to double.

Let "n" be the number of times the amount doubles.

2^n = 8

To solve for "n," we can rewrite 8 as a power of 2:

8 = 2^3

Now, our equation becomes:

2^n = 2^3

Since the bases are the same (both 2), we can equate the exponents:

n = 3

So, the sum of money will amount to 8 times itself in 3 periods of doubling, which is 3 * 4 years:

3 * 4 = 12 years

Therefore, it will take 12 years for the sum of money to amount to 8 times itself at compound interest.

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