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Rekha invested a sum of ₹ 12000 at 5% per annum compound interest. She received an amount of ₹ 13230 after n years. Find n.
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- 2.8 years
- 3.0 years
- 2.5 years
- 2.0 years
Correct Option: D
Given that , Amount ( A ) = ₹ 13230 , P = ₹ 12000 , Rate ( R ) = 5% , Time = n years
Using the given formula ,
| A = P |  | 1 + |  | T | |
| 100 |
| ⇒ 13230 = 12000 | | 1 + | | n | |
| 100 |
| ⇒ | = | | 1 + | | n | ||
| 12000 | 20 |
| ⇒ | = | | | n | ||
| 400 | 20 |
| ⇒ | | | n | = | | | 2 | ||
| 20 | 20 |
⇒ n = 2 years
