Multiple choice

The least number of complete years in which a sum of money will be more than double at 10% compound interest is ________.

  1. 10

  2. 8

  3. 5

  4. 6

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

We need (1.1)^n > 2. For n=7, (1.1)^7 = 1.948. For n=8, (1.1)^8 = 2.143. So 8 years.