| 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 |
A) 3 yr
B) 2 yr
C) 4 yr
D) 6 yr
Correct Answer: A
Solution :
| Let principal = P, |
| Rate = 15% per annun |
| According to the question, |
| \[P{{\left( 1+\frac{15}{100} \right)}^{n}}>\frac{3}{2}P\]\[\Rightarrow \]\[{{\left( \frac{23}{20} \right)}^{n}}>\frac{3}{2}\] |
| 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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