Algebra Level 4

I deposited 2014 in HDFC bank which gives interest @ 6% per annum. So for how many years I must keep Rs. 2014 in bank so that my money gets doubled (or) comes very near to the doubled amount.

Hint and Directions:

1) Let us assume I had Rs.50 with me on which I am receiving interest at particular rate, after 5 years the amount turns Rs.99.88 and after 6 years it turns up to Rs. 101.

2) Thus according to question the year in which the amount gets doubled or comes nearest to the amount when compared to other years. Hence, the answer will be 5 years and not 6 years because in five years the amount including interest has come very close.

3) The question can be cracked in less than 2 seconds, so better not use calculators!!


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