In how many years will Rs. 80,000 become Rs. 1,06,480 at 10% compound interest per annum?

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Accepted Answer

1. Use the compound interest formula: $A=P(1+r)^n$. 
2. Substitute: $106480=80000(1+0.10)^n$, so $(1.1)^n=\dfrac{106480}{80000}=1.331$. 
3. Observe $1.1^3=1.331$. Thus $n=3$ years.

FINAL_ANSWER: a

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