If ₹ 3000 amounts to ₹4329 at compound interest

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If ₹ 3000 amounts to ₹4329 at compound interest

Home » Aptitude » Compound Interest » Question

If ₹ 3000 amounts to ₹4329 at compound interest in a certain time , then ₹ 3000 amounts to what inhalf of the time?

1. ₹ 3400
2. ₹ 3600
3. ₹ 38000
4. ₹ 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