Question : In how many years will Rs. 2,000 yield Rs. 662 as a compound interest at 10% per annum compounded annually?
Option 1: 3
Option 2: 2
Option 3: 4
Option 4: 5
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Correct Answer: 3
Solution : Rate, R = 10% Principal amount, P = Rs. 2,000 Compound interest, CI = Rs. 662 When compounded annually, Compound interest after n years = $P[(1+\frac{R}{100})^{n} –1)]$ ⇒ $662 = 2000[(1+\frac{10}{100})^{n} –1)]$ ⇒ $2662 = 2000(1+\frac{10}{100})^{n})$ ⇒ $1.331= (1.1)^{n}$ ⇒ $n = 3$ years Hence, the correct answer is 3 years.
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