Question

8. In how many full years will a sum of money become more than double at the compound
rate of 20 %?​

Answer 1

$\fontsize{18}{10}{\textup{\textbf{The number of years is 4}}}$

Step-by-step explanation:

According to given condition

P(1+20/100)^n>=2P

=>(6/5)^n>=2

taking log on both sides

n(log6-log5)>=log2

n>=log2/(log2+log3-log5)

n>=0.3010/(0.3010+.4771-.6989)

n>=0.3010/0.0792

n>=3.8

So n should be atleast 4

So in 4 years, the money will become more than double