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In what time will Rs.1000 amounts to Rs.1331 at 20% per annum, compounded half yearly?
1. 3 years
2. 2 years
3. 1.5 years
4. 1 years

1 Answer

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Best answer
Correct Answer - Option 3 : 1.5 years

Given:

Principal (P) = RS. 1000

Amount (A) = Rs. 1331 

Rate % = 20%

Formula used:

Compound interest = P(1 + (R/100))t

Here, P = Principal, R = Rate, t = Time

Calculation:

According to question ,

Note: When interest is compound half -yearly.

Rate % = 20/2 = 10%

Time = 2t

By using formula,

⇒ 1331 = 1000(1 + (10/100))2t

⇒ 1331/1000 = (11/10)2t

⇒ (11/10)3 = (11/10)2t

By equating both sides 

⇒ 2t = 3

⇒ t= 3/2 years 

⇒ t = 1(1/2) years 

∴ Time is 1.5 years

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