Quantitative Aptitude Ques 1298

Question: The least number of complete year in which a sum of money put at 15% per annum compound interest will be more than one-half, is

Options:

A) 3 yr

B) 2 yr

C) 4 yr

D) 6 yr

Show Answer

Answer:

Correct Answer: A

Solution:

  • Let principal = P, Rate = 15% per annun According to the question, $ P{{( 1+\frac{15}{100} )}^{n}}>\frac{3}{2}P $
    $ \Rightarrow $ $ {{( \frac{23}{20} )}^{n}}>\frac{3}{2} $ If $ n=3, $ then $ \frac{23}{20}\times \frac{23}{20}\times \frac{23}{20}>\frac{3}{2} $ So, option [a] is correct.
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