Compound Interest Practice Test 5

Question : 29 of 40

Marks: +1, -0

In how many years will a sum of Rs. 19200 placed at 10% per annum compound interest yield an interest of Rs. 4032?

Solution:

Amount = Rs. 19200 + Rs. 4032 = Rs. 23232
Now,

23232=19200(1+10/100)^n

⇒23232/19200=(11/10)^n

⇒121/100=(11/10)^n

⇒(11/10)^2=(11/10)^n

∴ n = 2 years

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