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A person borrowed Rs 1512 from the bank at the rate of 16.66% per annum on compound interest for certain years. He paid back Rs. 2401 to bank with interest , find the time period. 


1. 3 years 
2. 2 years 
3. 4 years 
4. 5 years 

1 Answer

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Best answer
Correct Answer - Option 1 : 3 years 

Given 

Principal = Rs 1512 

Amount = Rs 2401

Rate of interest = 16.66% = 1/6 

Formula Used 

Amount = Principal(1 + R/100)t

Calculation 

Let the time be t

Amount = Principal(1 + R/100)t

⇒ 2401 = 1512(1 + 16.66/100)t

⇒ (2401/1512) = (7/6)t

⇒ (343/216) = (7/6)t

⇒ (7/6)3 = (7/6)t

⇒ t = 3 

∴ Time is 3 years 

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