1. **Problem statement:** A sum of money doubles itself in 3 years at compound interest. We need to find in how many years it will amount to 64 times the original sum.
2. **Formula used:** The amount $A$ after $n$ years at compound interest rate $r$ is given by:
$$A = P(1 + r)^n$$
where $P$ is the principal.
3. Since the sum doubles in 3 years, we have:
$$2P = P(1 + r)^3 \implies (1 + r)^3 = 2$$
4. We want to find $n$ such that:
$$P(1 + r)^n = 64P \implies (1 + r)^n = 64$$
5. Using the relation from step 3, substitute $(1 + r)^3 = 2$:
$$ (1 + r)^n = ((1 + r)^3)^{\frac{n}{3}} = 2^{\frac{n}{3}} = 64$$
6. Since $64 = 2^6$, we get:
$$2^{\frac{n}{3}} = 2^6 \implies \frac{n}{3} = 6 \implies n = 18$$
7. **Answer:** It will take **18 years** for the sum to amount to 64 times.
This corresponds to option (a).
Compound Interest D3Cf88
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