Question

The least number of complete years in which a sum of money put out at 20% compound interest will be more than double is

Options

• 3 years

• 4 years

• 5 years

• 6 years

Answer 1

4 years

Explanation:

`P(1+20/100)^n > 2P`  or `(6/5)^n > 2`

Now, `(6/5xx6/5xx6/5xx6/5) > 2`

So, n = 4 years.