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The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is?

3 years
4 years
5 years
6 years

Correct Answer: 4 years

Explanation:

∵ P x (1 + 20/100)^t > 2P
⇒ (6/5)ⁿ > 2
Now, (6/5) x (6/5) x (6/5) x (6/5) > 2
⇒ 1296/615 > 2
∴ t = 4 years

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