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  4. A certain sum becomes 3 times itself in 4 years at compound interest. In how many years does it become 27 times itself?

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Q. A certain sum becomes 3 times itself in 4 years at compound interest. In how many years does it become 27 times itself?

Simple Interest and Compound Interest

Solution:

(i) Use formula for amount.
(ii) If $3 P=P\left(1+\frac{R}{100}\right)^4$, then find $R$.
(iii) If $27 P=P\left(1+\frac{R}{100}\right)^n$, then find $n$.