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Home Aptitude Compound Interest See What Others Are Saying!
  • Question
  • At 3% annual interest compounded monthly, how long will it take to double your money?


  • Options
  • A. 20.1
  • B. 21.1
  • C. 22.1
  • D. 23.1

  • Correct Answer
  • 23.1 

    Explanation

    At first glance it might seem that this problem cannot be solved because we do not have enough
    information. It can be solved as long as you double whatever amount you start with. If we start with
    $100, then P = $100 and FV = $200.

    FV=P(1+r/n)^nt

  • Tags: Bank Exams, Bank PO

    More questions

    • 1. 
      If 8 men can reap 80 hectares in 24 days, then how many hectares can 36 men reap in 30 days?

    • Options
    • A. 350
    • B. 460
    • C. 425
    • D. 450
    • Discuss
    • 2. 
      If a quarter Kg of potato costs 60 paise, How many paise will 200 gm cost?

    • Options
    • A. 48
    • B. 45
    • C. 59
    • D. 72
    • Discuss
    • 3. 
      An industrial loom weaves 0.128 meters of cloth every second. Approximately, how many seconds will it take for the loom to weave 25 meter of cloth?

    • Options
    • A. 184
    • B. 195
    • C. 190
    • D. 197
    • Discuss
    • 4. 
      If on a marked price, the difference of selling prices with a discount of 30 % and two successive discounts of 20 % and 10 % is ? 72, then the marked price (in ?) is

    • Options
    • A. ? 3600
    • B. ? 3000
    • C. ? 2500
    • D. ? 2400
    • Discuss
    • 5. 
      If one of the roots of the equation x 2 - bx + c = 0 is the square of the other, then which of the following option is correct?

    • Options
    • A. b3 = 3bc + c2 + c
    • B. c3 = 3bc + b2 + b
    • C. 3bc = c3 + b2 + b
    • D. 3bc = c3 + b3 + b2
    • Discuss
    • 6. If the number 517*324 is completely divisible by 3, then the smallest whole number in the place of * will be:

    • Options
    • A. 0 
    • B. 1
    • C. 2
    • D. None of these
    • Discuss
    • 7. 
      If 2x + 3y = 29 and y = x + 3, what is the value of x?

    • Options
    • A. 4
    • B. 5
    • C. 6
    • D. 7
    • Discuss
    • 8. 
      Total wages of 3 men, 2 women and 4 boys is ? 26. If the wages of 3 men is equal to that of 4 women and the wages of 2 women is equal to that of 3 boys, then find out the total wages of 4 men, 3 women and 2 boys.

    • Options
    • A. ? 29
    • B. ? 35
    • C. ? 65
    • D. ? 20
    • Discuss
    • 9. 
      If [? 3 + x + ? 3 - x] / [? 3 + x - ? 3 - x] = 2, then x is equal to

    • Options
    • A. 5/12
    • B. 12/5
    • C. 5/7
    • D. 7/5
    • Discuss
    • 10. 
      The sum of two numbers is 25 and their difference is 13. Find their product.

    • Options
    • A. 104
    • B. 114
    • C. 315
    • D. 325
    • Discuss


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