-
The least number of years in which a sum of money on 19% p.a. compound interest will be more than double is
-
- 3 years
- 4 years
- 5 years
- 2 years
Correct Option: B
Let Principal be ₹ P ,Then
According to question ,
Amount ( A ) = ₹ 2P , Rate = 19% , Time = T years
Using the given formula ,
| A = P |  | 1 + |  | T | |
| 100 |
| ⇒ 2P = P | | 1 + | | T | |
| 100 |
| ⇒ 2 = | | | T | |
| 100 |
⇒ 2 = (1.19)T
If T = 4 years, (1.19)4 > 2
Hence , Required time T = 4 years
