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₹ 800 at 5% per annum compounded annually will amount to ₹ 882 in
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- 1 year
- 2 years
- 3 years
- 4 years
Correct Option: B
Given that , Amount ( A ) = ₹ 882 , P = ₹ 800 , Rate ( R ) = 5% , Time = T years
Using the given formula ,
| A = P |  | 1 + |  | T | |
| 100 |
| ⇒ 882 = 800 | | 1 + | | T | |
| 100 |
| ⇒ | = | | | T | ||
| 800 | 20 |
| ⇒ | = | | | 2 | = | | | T | |||
| 400 | 20 | 20 |
Equating powers on both sides ,
∴ T = 2 years
