In what time Rs 2000 will become Rs 2420 at 10% per annum compounded a

1.	In what time Rs 2000 will become Rs 2420 at 10% per annum compounded annually?1. 3 years2. 2 years3. 1 year4. 4 years
Answer» Correct Answer - Option 2 : 2 years Given: The sum of money is Rs. 2000 which becomes Rs. 2420 at 10% per annum Formula used: Amount = p × (1 + r/100)ⁿ Calculation: Let the time period be t Amount = p × (1 + r/100)n ⇒ 2420 = 2000 × (1 + 10/100)^t ⇒ 2420/2000 = (11/10)^t ⇒ (121/100) = (11/10)^t ⇒ (11/10) ² = (11/10)^t ⇒ t = 2 years ∴ The time is 2 years.

In what time Rs 2000 will become Rs 2420 at 10% per annum compounded annually?1. 3 years2. 2 years3. 1 year4. 4 years

Answer» Correct Answer - Option 2 : 2 years

Given:

The sum of money is Rs. 2000 which becomes Rs. 2420 at 10% per annum

Formula used:

Amount = p × (1 + r/100)ⁿ

Calculation:

Let the time period be t

Amount = p × (1 + r/100)n

⇒ 2420 = 2000 × (1 + 10/100)^t

⇒ 2420/2000 = (11/10)^t

⇒ (121/100) = (11/10)^t

⇒ (11/10) ² = (11/10)^t

⇒ t = 2 years

∴ The time is 2 years.

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In what time Rs 2000 will become Rs 2420 at 10% per annum compounded annually?1. 3 years2. 2 years3. 1 year4. 4 years

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