Skip to main contentSkip to solution

What is the least value of n (n is number of Years), the sum of money put out at 20% of CI (Compound Interest) will be more than double?

Solution

✅ Correct Option: 2

We need (1.2)n>2(1.2)^n > 2. Now (1.2)3=1.728<2(1.2)^3 = 1.728 < 2 and (1.2)4=2.0736>2(1.2)^4 = 2.0736 > 2. So the smallest such nn is 4 years.

Keyboard Shortcuts

  • Left arrow: Previous question
  • Right arrow: Next question
  • S key: Jump to solution
  • Q key: Jump to question