Ravi Shankar takes money from the employees rsquo cooperative society at lower rate of interest and ...........

Quantitative Aptitude ( CCS) Compound Interest

Ravi Shankar takes money from the employees’ cooperative society at lower rate of interest and saves in a scheme, which gives him a compound interest of 20%, compounded annually. Find the least number of complete years after which his sum will be more than double.

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Explanation:

Let us assume the sum of money be S
Since the sum is compounded annually so it becomes
S (1+20/100)t ≥ 2S
=> (6/5)t ≥ 2
=> (1.2)t ≥ 2
Hence the least number of complete years are 4