Multiple Choice Questions on A certain amount grows at an annual interest rate of 12 compounded monthly Which of the following eq........... for SSC (CPO) Exam Preparation

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Multiple Choice Questions

A certain amount grows at an annual interest rate of 12 compounded monthly Which of the following eq...........

Quantitative Aptitude (CPO) Compound Interest
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    A certain amount grows at an annual interest rate of 12%, compounded monthly. Which of the following equations can be solved to find the number of years, y, that it would take for the investment to increase by a factor of 64?

    Options:

    64 = (1.01)12y

    Correct Answer

    1/64 = (1.04)12y

    Incorrect Answer

    64 = (1.04)12y

    Incorrect Answer

    8 = (1.01)6y

    Incorrect Answer
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    Explanation:

    64 = (1.01)12y

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