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What is the least number of complete years in which a sum of money, invested at 20% compound interest annually, will more than double?
  1. 2 years
  2. 3 years
  3. 4 years
  4. 5 years
Explanation

Let the principal = ₹100

Rate = 20% per annum, compounded annually


Now calculate the amount over the years:


After 1 year: 100 × 1.20 = ₹120


After 2 years: 120 × 1.20 = ₹144


After 3 years: 144 × 1.20 = ₹172.80


After 4 years: 172.80 × 1.20 = ₹207.36


So, the amount just exceeds double (₹200) after 4 years.

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