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In how many years will a sum of Rs. 320 amount to Rs. 405 if interest is compounded at 12.5% per annum?
Answer & Solution
Correct Answer:
Option
A
\[\begin{array}{*{20}{c}}
{320}&:&{405} \\
{\sqrt {64} }&:&{\sqrt {81} } \\
8&:&9
\end{array}\]
$$\eqalign{ & 12\frac{1}{2}\% \to \frac{1}{8} \cr & {\text{In one year}} = 8:9 \cr & {\text{Time}} = 2{\text{ years}} \cr} $$
$$\eqalign{ & 12\frac{1}{2}\% \to \frac{1}{8} \cr & {\text{In one year}} = 8:9 \cr & {\text{Time}} = 2{\text{ years}} \cr} $$
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