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InterviewSolution
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In how many years will a sum of Rs 800 at 10% per annum compound interest, compounded semiannually become Rs 926.10 ? (a) 1 year (b) 3 years(c) 2 years(d) 1\(\frac{1}{2}\) years |
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Answer» (d) \(1\frac{1}{2}\) years P = Rs 800, r = 10% p.a. = 5% per half year, A = Rs 926.10, Time = 2n \(\therefore\) 929.10 = 800\(\big(1+\frac{5}{100}\big)^{2n}\) \(\Rightarrow\) \(\frac{9261}{8000}\) = \(\big(1+\frac{1}{20}\big)^{2n}\) \(\Rightarrow\) \(\big(\frac{21}{20}\big)^3\) = \(\big(\frac{21}{20}\big)^{2n}\) \(\Rightarrow\) 2n = 3 \(\Rightarrow\) n = \(\frac{3}{2}\)= \(1\frac{1}{2}\) years. |
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