The least number of complete years in which a | vedclass

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(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

$4$

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(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

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