An amount of money becomes Tk 1860 at an interest rate of 8% In 3 years. How many years the money would take to become Tk 2040 at the same interest rate?

An amount of money becomes Tk 1860 at an interest rate of 8% In 3 years. How many years the money would take to become Tk 2040 at the same interest rate?

A 4(1/2)

B 5

C 6

D 7(2/1)

Solution

Correct Answer: Option A

Let, Principal = x

x + x×.08×3 = 1860

=> 1.24x = 1860

=> x=1500

Let, time = y

So, 1500+1500×Y×.08 = 2040

=> 120y = 540

=> y = 4.5

Ans. 4(1/2)