In How Many Years Sum will be Rs. 4096? If

After how many years will Rs. 3375 become Rs. 4096 at 20/3% per annum compound interest?

  1. 4 years
  2. 2 years
  3. 2 years
  4. 3years
Desire Adnan Default Asked on 2nd August 2015 in Maths.
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    Answer: (4) 3 years
    Explanation:-
    Let the time is t years.
    Given-
    Principal Rs,3375, Amount = Rs.4096   & Rate = 20/3 %
    Then, Compound Interest = 4096 – 3375
    = Rs.721
    Formula-
    Compound Interest = P [(1 + R/100)t – 1]
    Where, P = principal, R = rate, t = time.
    4096 = 3375(1 + 20/3 x 100)t
    4096 = 3375(1 + 1/15)t
    4096 = 3375(16/15)t
    4096/3375 = (16/15)t
    (16/15)3 = (16/15)t
    Comparing on both side,
    t = 3 years
    Hence, the answer is (4) 3 years.

    Anurag Mishra Professor Answered on 2nd August 2015.
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