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In what time period Rs.100, 000,000 will amount to Rs.104,060,401 at 2% per annum at compound interest, interest being compounded half yearly?
  • a)
    1 Years.
  • b)
    2 Years.
  • c)
    3 Years.
  • d)
    4 Years.
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
In what time period Rs.100, 000,000 will amount to Rs.104,060,401 at ...
104,060,401 = 100,000,000 (1 + (1/100))2t
104,060,401/100,000,000 = (101/100) 2t
(101)4/(100)4 = (101/100) 2t
(101/100)4 = (101/100) 2t
2t = 4
t = 2 years
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In what time period Rs.100, 000,000 will amount to Rs.104,060,401 at 2% per annum at compound interest, interest being compounded half yearly?a)1 Years.b)2 Years.c)3 Years.d)4 Years.Correct answer is option 'B'. Can you explain this answer?
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