Find the least number of complete years in which a sum of money put out at 20 percent compound interest will be more than doubled?

Question

Accepted Answer

Here P(1 + 20/10)t > 2P ⇒ (6/5)t > 2 ∵ (6/5)3 = 1.728, and (6/5)4 = 2.0736 By trial (6/5) x (6/5) x (6/5) x (6/5) > 2 ∴ The required time is 4 years.

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