Rs. 16000 lent on 10% per annum compounded half yearly amounts to Rs. 18522. Find the time period for which the sum was lent.

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2 years

1 year

12 year

112 years

answer is D.

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Detailed Solution

Concept: By using the formula of compound interest, and putting necessary values in the formula. Evaluate the time period for a given amount of money.
Given: Principal amount(P) = Rs. 16000
Amount(A) = Rs. 18552
Rate of interest(R) = 10% annually
First, calculate the rate of interest half yearly Rate = 12 ×10= 5 half yearly
Now, put the given values in the formula of Compound Interest A = P × 1 + R100t
⇒18552=16000 1 + 5100t
⇒ 1855216000= 1 + 5100t
⇒ 92618000= 2120t
On further simplifying, we get ⇒ 21203 = 2120t
On comparing both the sides we get t=3 half years
So, the time period in years is 112 years.
Hence, the correct option is 4.

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