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

medium

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

$6$

Solution

Let the number of year be $N$.

$\therefore \quad P\left(1+\frac{20}{100}\right)^{N}>2 P$

or $\left(1+\frac{20}{100}\right)^{N}>2$

$\left(\frac{6}{5}\right)^{N}>2$

$\therefore$

$N=4$ years

Standard 13

Quantitative Aptitude

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