Question
The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:
Answer: Option B
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P \(\left(1+\frac{20}{100}\right)^{n}>2P \Rightarrow\left(\frac{6}{5}\right)^{n}> 2.\)
Now, \(\left(\frac{6}{5}\times\frac{6}{5}\times\frac{6}{5}\right)>2.\)
So n = 4 year
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