Q7 of 89 Page 14

The interest on a sum of Rs. 2000 is being compounded annually at the rate of 4% per annum. Find the period for which the compound interest is Rs. 163.20.

Given,


Principal = Rs. 2000


Rate = 4 % p.a


C.I = Rs.163.20


Let time = T years


So,


Compound interest =


=


=


=


=


=


= T = 2years


Hence,


Time = 2 years


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