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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