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₹800 at 5% per annum compounded annually will amount to ₹882 in how many years?

1. 1 year
2. 2 year
3. 3 year
4. 4 year

Correct answer: 2 year

Solution

For annual compounding, the amount is \(A=P(1+r/100)^n\). Here \(882=800(1.05)^n\), so \(882/800=1.1025=(1.05)^2\). Hence, \(n=2\) years.

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