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Discussion :: Compound Interest

  1. The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:

    2. A.

    3
    B.

    4
    C.

    5
    D.

    6

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    Answer : Option B

    Explanation :

    P\([ 1+\frac { 20 } {100 } ]^n\)greater than2P\( (\frac { 6} { 5 } ) ^n\)greater than2

     

    Now,[\(\frac { 6} { 5 } *\)\(\frac { 6} { 5 } *\)\(\frac { 6} { 5 } *\)\(\frac { 6} { 5 } *\)]greater than2

     

    So, n = 4 years.

     

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