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If a sum of Rs. 40,000 at compound interest of 5 p.m amounted to Rs. 44,100. Find the time for which the money was invented.

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2 years

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answer is A.

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Detailed Solution

A = {P (1 + \frac{r}{n})}^{n}

A = compound Interest, P = Initial Principal balance, r = rate of interest, n = Number of times interest is applied per time period.

44100 = {40000 (1 + \frac{5}{100})}^{n}

\frac{44100}{40000} = {(\frac{100 + 5}{100})}^{n}

\frac{441}{400} = {(\frac{105}{100})}^{n}

\frac{{(21)}^{2}}{{(20)}^{2}} = {(\frac{21}{20})}^{n}

{(\frac{21}{20})}^{2} = {(\frac{21}{20})}^{n}

n=2
In 2 years money was invented

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