Question 97
In how many years will Rs 2,000 yield Rs 662 as compound interest at 10% per annum compounded annually?
Solution
Let say,it will take n number of years.
So, $$2000(1+10/100)^n-2000=662$$
or, $$(1.1)^n=2662/2000=1.331$$
or,$$(1.1)^n=(1.1)^3$$
or, n=3
A is correct choice.
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