8. 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
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.
Title :
Compound Interest Q8
Description : 8. 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. ...
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