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A sum of Rs. 12000 deposited at compound interest becomes doubles after 5 years. After 20 years it will become?

120000
192000
124000
96000

Correct Answer: 192000

Explanation:

∵ 2P = P(1 +r/100)⁵
⇒ (1 +r/100)⁵ = 2
∴ (1 + r/100)²⁰ = 2⁴ = 16
Thus, P(1 +r/100)²⁰ = 16P
= Rs. (12000 x 16)
= Rs. 192000

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