Correct Answer - Option 2 : 3 years
Given:
Principal = Rs. 2000
Amount = Rs. 2662
Rate = 10%
Formula used:
Amount = P(1 + R/100)T
Where, P = Principal, T = Time, and R = rate of interest
Calculation:
According to the question
\(\Rightarrow 2000 \times {\left( {1 + \frac{{10}}{{100}}} \right)^T} = 2662\)
⇒ (1.1)T = 1.331
⇒ (1.1)T = (1.1)3
⇒ T = 3
∴ In 3 years, Rs. 2000 will become Rs. 2662.
