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    Question

    In how many years will a sum of Rs 320 amount to Rs 405 if interest is compounded 12.5% yearly?

    A 2 years Correct Answer Incorrect Answer
    B 3 years Correct Answer Incorrect Answer
    C 2.5 years Correct Answer Incorrect Answer
    D 1 year Correct Answer Incorrect Answer

    Solution

    Let the time period be t years. Amount = P x (1 + r%/100)t 405= 320 x (1 + 12.5/100)t 405/320 = (9/8)t 81/64 = (9/8) 2= (9/8)t  t = 2 years

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