The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:
Question:
The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:
[A].
3
4
5
6
The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:
[A].
[B].
[C].
[D].
Answer: Option B
Explanation:
| P | 1 + | 20 | n | > 2P | 6 | n | > 2. | |||||
| 100 | 5 |
| Now, | 6 | x | 6 | x | 6 | x | 6 | > 2. | ||
| 5 | 5 | 5 | 5 |
So, n = 4 years.