The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is
4 years
5 years
6 years
7 years
Explanation:
As per question we need something like following
$P(1+R/100)^n > 2P$
$(1+20/100)^n > 2$
$(6/5)^n > 2 $
6/5×6/5×6/5×6/5 > 2
So answer is 4 years
As per question we need something like following
$P(1+R/100)^n > 2P$
$(1+20/100)^n > 2$
$(6/5)^n > 2 $
6/5×6/5×6/5×6/5 > 2
So answer is 4 years