The least number of complete years in which a | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(B) Let the principal amount be $P$ and the number of years be $N$.Given that the rate of interest $R = 20 \%$.The formula for the amount $A$ in compo

Vedclass · Accepted Answer

$4$

Vedclass · Answer

(B) Let the principal amount be $P$ and the number of years be $N$.Given that the rate of interest $R = 20 \%$.The formula for the amount $A$ in compound interest is $A = P(1 + R/100)^N$.We want the amount to be more than doubled,so $A > 2P$.Substituting the values: $P(1 + 20/100)^N > 2P$.$(1.2)^N > 2$.For $N = 3$: $(1.2)^3 = 1.728$ (which is $For $N = 4$: $(1.2)^4 = 2.0736$ (which is $> 2$).Therefore,the least number of complete years is $4$.

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

Similar Questions

The compound interest (in ₹) on ₹ $2000$ at $5 \%$ per annum,compounded yearly,for $2$ years is

$A$ sum of money at compound interest amounts in two years to Rs. $2809,$ and in three years to Rs. $2977.54.$ Find the rate of interest and the original sum.

What is $C.I.$ (in $Rs.$) on $Rs. 7500$ for $4$ years if the rate of interest is $10 \%$ p.a. for the first $2$ years and $20 \%$ p.a. for the next $2$ years?

What would be the compound interest (in $Rs.$) accrued on an amount of $Rs. 7400$ at $13.5$ $p.c.p.a.$ at the end of $2$ years? (rounded off to two digits after decimal)

The compound interest on a certain sum of money for $2$ years at $5 \%$ per annum is ₹ $410$. The simple interest (in ₹) on the same sum at the same rate and for the same time is:

Vedclass Test Series

Exam Paper Generator

Online Exam Module