Compound Interest Practice Test 4

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Question : 5 of 40

Marks: +1, -0

After how many years will Rs. 3375 become Rs. 4096 at

6 2/ 3

% per annum compound interest?

4 years
2 years
$2 1/2$ years
3 years

Solution:

Here,

4096=3375(1+20/{3×100})^n

4096/3375=(1+1/15)^n

⇒(16/15)^3=(16/15)^n

∴ n = 3 years

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