P ( 1 + (20/100) )â¿ > 2P
=> (6/5)â¿ > 2
Now, [ (6/5) x (6/5) x (6/5) x (6/5) ]â¿ > 2
So, n = 4 years
There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?
The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:
A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is: