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In what time will Rs.8000 amount to Rs.8820 at 10%10% p.a. interest compounded half yearly?

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2.5 years

4 years

3 years

1 year

answer is D.

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Detailed Solution

The correct answer is: 1 year

I n t e r e s t = 10 % 2 I n t e r e s t = 5 % I n t e r e s t = 5100 I n t e r e s t = 0.05

Now using,

A n = P (I + i) n

⇒ 8820 = 8000 (1 + 0.05) n ⇒ 88208000 = (1 + 0.05) n ⇒ 1.1025 = (1.05) n ⇒ (1.05) 2 = (1.05) n ⇒ n = 2

Since, the interest is half-yearly,

= n 2 = 22 = 1

The answer is option 4.

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