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If ₹ 3000 amounts to ₹4329 at compound interest in a certain time , then ₹ 3000 amounts to what inhalf of the time?
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- ₹ 3400
- ₹ 3600
- ₹ 38000
- ₹ 3520
Correct Option: B
Let rate = R% and time = n yr
Then, 4320 = 3000(1+R/100)n
⇒ (1+R/100)n = 4320/3000 = 1.44
∴ (1 + R/100)n/2 = √1.44 = 1.2
∴ Required amount for n/2 yr
= 3000(1+ R/100)n/2
= 3000 x 1.2 = ₹ 3600