Compound Interest Doubling
1. **Problem Statement:** Find the least number of complete years required for a sum of money to more than double when invested at 20% compound interest per annum.
2. **Define variables:** Let the principal amount be $P$. After $n$ years at compound interest rate $r = 20\% = 0.2$, the amount $A$ is given by:
$$ A = P(1 + r)^n = P(1.2)^n $$
3. **Condition to double the money:** The amount must be more than twice the principal, i.e.,
$$ A > 2P $$
Substitute $A$:
$$ P(1.2)^n > 2P $$
Divide both sides by $P$ (assuming $P > 0$):
$$ (1.2)^n > 2 $$
4. **Solve inequality:** Take the natural logarithm on both sides:
$$ n \ln(1.2) > \ln(2) $$
So,
$$ n > \frac{\ln(2)}{\ln(1.2)} $$
Calculate the values (using approximations):
$$ \ln(2) \approx 0.6931 $$
$$ \ln(1.2) \approx 0.1823 $$
Thus,
$$ n > \frac{0.6931}{0.1823} \approx 3.803 $$
5. **Interpretation:** Since $n$ must be a complete number of years, the least integer $n$ satisfying the inequality is the smallest integer greater than 3.803, which is 4.
**Final answer: 4 years.**