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The least number of complete years in which a sum of money put out at 20% C.I. will be more than doubled is_________?

Correct answer: B. 4

  • A. 3
  • B. 4
  • C. 5
  • D. 6Education

Explanation

At 20% compound interest, after 3 years the growth factor is (1.20)^3 = 1.728, which is less than 2. After 4 years it is (1.20)^4 = 2.0736, which is more than double, so the least complete time is 4 years. Choosing 3 years treats compound growth as if it were simple growth of 20% x 3 = 60%.

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