Quant Exam  >  Quant Questions  >  The least number of complete years in which a... Start Learning for Free
The least number of complete years in which a sum of money put out at 10% CI will be more than doubled is
  • a)
    8yrs
  • b)
    6yrs
  • c)
    4yrs
  • d)
    7yrs
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
The least number of complete years in which a sum of money put out at ...
P(110/100)n > 2P
(11/10)n > 2P
1.1*1.1*1.1*1.1*1.1*1.1*1.1*1.1 = 2.14 > 2
N = 8
Free Test
Community Answer
The least number of complete years in which a sum of money put out at ...
Problem:
The least number of complete years in which a sum of money put out at 10% compound interest will be more than doubled is:

a) 8 years
b) 6 years
c) 4 years
d) 7 years

Solution:

To solve this problem, we need to find the number of years it takes for a sum of money to double at a compound interest rate of 10%.

Formula:
The formula to calculate the compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or the loan is taken for

In this case, we need to find the value of t.

Given:
r = 10% = 0.10
P = 1 (as we want to double the money)
A = 2 (as we want the money to be more than doubled)

We can rewrite the formula as:
2 = 1(1 + 0.10/n)^(n*t)

Now, we need to check each option to find the least number of years it takes for the money to double.

Option a) 8 years:
In this case, t = 8
2 = 1(1 + 0.10/n)^(8*n)

Option b) 6 years:
In this case, t = 6
2 = 1(1 + 0.10/n)^(6*n)

Option c) 4 years:
In this case, t = 4
2 = 1(1 + 0.10/n)^(4*n)

Option d) 7 years:
In this case, t = 7
2 = 1(1 + 0.10/n)^(7*n)

Calculations:
To compare the options, we can simplify the equation by assuming different values for n and evaluating the right-hand side of the equation.

For example, let's assume n = 1 (compounded annually):
2 = 1(1 + 0.10/1)^(8*1)
2 = 1(1 + 0.10)^8
2 = 1(1.10)^8
2 = 1(1.10^8)
2 = 1(2.1436)
2 = 2.1436 (approximately)

This shows that with n = 1, the money does not double in 8 years.

By comparing the options using different values of n, we find that the money doubles in the least number of years with option a) 8 years. Therefore, the correct answer is option a) 8 years.
Explore Courses for Quant exam
The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer?
Question Description
The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer? for Quant 2025 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer?.
Solutions for The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant. Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The least number of complete years in which a sum of money put out at 10% CI will be more than doubled isa)8yrsb)6yrsc)4yrsd)7yrsCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Quant tests.
Explore Courses for Quant exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev