Asked in PPSC, FPSC and other one-paper exams (compiled from unofficial resources).
Financial MathematicsSimple and Compound Interest
A sum of money doubles in 3 years at compound interest, compounded annually at the same rate. In how many years will it become 4 times itself?
- A.4 years
- B.5 years
- C.6 yearsCorrect answer
- D.9 years
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Practice these MCQs in the appQuick fact: Since the amount doubles in 3 years, it will double again in the next 3 years, becoming 4 times the original in 6 years.