CUET Preparation Today
How many years will it take for a sum of money to grow 4 times at the effective rate of 6 % ? [Use log 2 =0.3010, log(1.06)=0.0253] |
20.78 22.78 23.78 25.78 |
23.78 |
The correct answer is Option (3) → 23.78 Amount = $P(1+r)^t$ $⇒4P=P(1.06)^t$ $⇒4=(1.06)^t$ $⇒\log 4=t\log (1.06)$ $⇒t=\frac{\log 4}{\log (1.06)}≃23.78\,years$ |
