The time in which Rs 80 000 amounts to Rs 92 610 at 10 p a compound interest interest being compound...........

Quantitative Aptitude ( CCS) Compound Interest

The time in which Rs. 80,000 amounts to Rs. 92,610 at 10% p.a. compound interest , interest being compounded semiannually is

3/2 years

2 years

5/2 years

3 years

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Explanation:

Let the time = T years, Rate % = 10%
Note: When interest is calculated semi-annually.
New time = 2t years
Rate % = 10/2 = 5%
By using formula,
92610 = 80000 (1 + 5/100)^2t
= 9261/8000 = (21/20)^2t
= (21/20)³ = (21/20)^2t
Comparing both sides,
2t = 3 → t = 3/2 years