The shortest period of time in which a quantity of money invested at 20% compound interest will be more than doubled is:
A. 3
B. 4
C. 5
D. 6
Answer:B
The shortest period of time in which a quantity of money invested at 20% compound interest will be more than doubled is:
A. 3 B. 4 C. 5 D. 6
Explanation: P 1 + 20/100 n > 2P 6 /5n > 2. 100 5 Now, 6/5 x 6/5 x 6/5 x 6/5=As a result, n equals four years.