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Compound Interest

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  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 ?
    1. 3 years
    2. 4 years
    3. 5 years
    4. 6 years
Correct Option: B

∵ P x (1 + 20/100)t > 2P
⇒ (6/5)n > 2
Now, (6/5) x (6/5) x (6/5) x (6/5) > 2
⇒ 1296/615 > 2
∴ t = 4 years


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