Least number of complete years in which a sum of money put out at 20 % compound interest will be mor

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6.Interest

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Find the least number of complete years in which a sum of money put out at $20 \%$ compound interest will be more than double?

A

$3$

B

$4$

C

$5$

D

$8$

Solution

Let the sum be Rs. P

According to given question:

$\Rightarrow P\left(1+\frac{R}{100}\right)^{n}>2 P \Rightarrow P\left(1+\frac{20}{100}\right)^{n}>2 P$

$\Rightarrow\left(\frac{6}{5}\right)^{n}>2$ By hit and tril method, $n>4$ years

Standard 13

Quantitative Aptitude

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