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In how much time would Rs. 5000 amounts to Rs. 6655 at $10 %$ per annum compound interest?

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2years

3years

7years

5years

answer is B.

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Detailed Solution

Given,
Interest rate, r = 10%,
Principal amount, P = 5000,
Future value, A = 6655
Consider n to be the required time period. Now apply the compound interest formula and calculate n.

A = P 1 + r 100 t

Now substitute, P = 5000, r = 10, t = n and A = 6655

6655 = 5000 1 + 10100 n

Solve for n

⇒ 66555000 = 1 + 0.1 n ⇒ 1.331 = 1.1 n ⇒ 1.1 3 = 1.1 n

Compare both sides, it gives n = 3
Thus, the required time period is 3 years.
Hence, the correct option is 2.

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