An amount of money becomes Tk. 1,860 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?
Solution
Correct Answer: Option A
at 8% rate, interest of 100 tk in 3 years= 3X8=24 principal+interest=124 tk when principal+interest is 124 then capital 100 taka when principal+interest is 1860 then capital 100 x 1860/124 taka=1500 tk
so interest=(1860-1500)tk=360 tk 360 tk interest in 3 years 1 tk interest in 3/360 years
540 tk interest = 3X 540/360=4.5 year
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