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A man invested ₹16,000 at the rate of 12.5% p.a. for a certain number of years, and the amount becomes ₹32,000. For how many years was the money invested?

1. 10
2. 12
3. 8
4. 6

Correct answer: 8

Solution

The amount doubles from 16,000 to 32,000, so the growth factor is 2. With compound growth at 12.5% per year, we need (1.125)^n = 2, which gives n = 8.

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