Aptitude | Compound Interest | Question 4

Sagar 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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