wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Find the minimum number of complete years in which a sum of money put at 20% compound interest will be more than doubled.

Open in App
Solution

Let the principal be Rs. 100
Interest in 1 year at the rate of 20%=100×20100=20
Interest in 2 years at the rate of 20%=(100+20)×20100=120×20100=24
Interest in 3 years at the rate of 20%=(120+24)×20100=144×20100=28.8
Interest in 4 years at the rate of 20%=(144+28.8)×20100=172.8×20100=34.56
For Rs. 100, the rate of interest in 4 years is 107.36 Rs.
Hence, compound interest will be more than doubled in 4 years.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Application of Compound Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon