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After how long will Rs 64,000 grow to Rs 68,921 at 5% per annum when the interest is compounded half-yearly?

1. 3 years
2. 2 years 6 months
3. 2 years
4. 1 year 6 months

Correct answer: 1 year 6 months

Solution

Half-yearly rate = 2.5%, so each period multiplies by 41/40. 68921/64000 = (41/40)³, giving 3 half-year periods = 1.5 years, i.e. 1 year 6 months.

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