Simple & Compound Interest · Question 30 · Hard
Simple & Compound Interest question 30
₹2,000 is invested at 10% per annum compound interest, compounded annually. After how many complete years will the amount first exceed ₹3,000?
- 4 years
- 6 years
- 3 years
- 5 years
Answer and explanation
Answer: D. 5 years
Explanation: Amounts: 2,200, 2,420, 2,662, 2,928.20 after 4 years (still below 3,000) and 3,221.02 after 5 years. So it first exceeds ₹3,000 after 5 years.
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