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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1 Answer(s)

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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