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In how many years at a compound interest a sum of money becomes 27 times of itself if the sum of money triples itself in 2 years?

In how many years at a compound interest a sum of money becomes 27 times of itself if the sum of money triples itself in 2 years? Correct Answer 6 years

Given:

the sum of money triples itself in 2 years

Formula:

A sum of money at compound interest becomes n times in x years and m times in y years, then

n1/x = m1/y

Calculation:

n = 27 times and x = ?

m = 3 times and y = 2 years

According to the question

271/x = 31/2

⇒ 33/x = 31/2

Comparing on powers

⇒ 3/x = 1/2

⇒ x = 3 × 2

⇒ x = 6 years

∴ A sum of money becomes 27 times of itself at compound interest in 6 years.

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