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
B. 4
C. 5
D. 6
Answer: Option B
Solution(By Examveda Team)
$$\eqalign{ & P{\left( {1 + \frac{{20}}{{100}}} \right)^n} > 2P\,\,\, \Rightarrow \,\,\,{\left( {\frac{6}{5}} \right)^n} > 2 \cr & {\text{Now}},\left( {\frac{6}{5} \times \frac{6}{5} \times \frac{6}{5} \times \frac{6}{5}} \right) > 2 \cr & So,\,n = 4\,{\text{years}} \cr} $$Join The Discussion
Comments ( 1 )
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