Question
At what rate per cent compound interest does a sum of money become 16 times in 4 years?(a) $75 \%$(b) $100 \%$(c) $50 \%$(d) None of these
Step 1
According to the problem, the amount becomes 16 times the principal in 4 years. Therefore, the amount \( A \) after 4 years can be expressed as: \[ A = 16P \] Show more…
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