No, in 16 years the original sum will quadruple.
Let N be the number of years required to triple.
The increase fraction per year (think of it as an annual interest rate) is r.
(1+r)^8 = 2
8 log(1+r) = log 2
log(1+r) = 0.03673
1+r = 1.0905
r = 0.0905
(1.0905)^N = 3
N = log3/log(1.0905)
= 12.68 years
if a sum of money doubles in 8 yrs, in how many years will it triple itself?Is the answer 16? If it is please tell me how to show the workings. I understood the concept but cannot express it.This is a simple interest sum.
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