Aptitude | Compound Interest | Question 4

Ram has a sum of Rs.8000. He lends it for 20% per annum at compound interest. In how much time the sum of the amount will be Rs.13824?
(A) 2
(B) 1
(C) 3
(D) 4


Answer: (C)

Explanation: 3824 = 8000 x (1 + 20/100)n
13824/8000 = (120/100)n
(24/20)3 = (12/10)n
(12/10)3 = (12/10)n
=> n = 3 years

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