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The compound interest on Rs. 1800 at $10 %$ per annum for a certain period of times Rs. 378. Find the time in years.

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1.3years

2 years

2.6years

3years

answer is D.

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Detailed Solution

Given,
Principal value, P = Rs 1800,
Compound interest, C.I. = Rs 378
Interest rate, r = 10% per annum,
Time period, t = n years
Apply the compound interest formula and calculate the time period.

C .I . = P 1 + r 100 t − P

Now substitute, C.I. = 378, P = 1800, r = 10 and t = n

378 = 1800 1 + 10100 n − 1800

Solve for n

⇒ 378 + 1800 = 1800 1 + 0.1 n ⇒ 21781800 = 1.1 n ⇒ 1.21 = 1.1 n ⇒ 1.1 2 = 1.1 n

Compare both sides, it gives n = 2.
Thus, the required time period is 2 years
Hence, the correct option is 4.

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