Correct Answer: Option B
The Amount = P (1 + r/100 )n
i.e. 2420 = 2000 ( 1 + 10/100)n = 2000 × (110/100)n = 2000 × ( 11/10)n
(11/10)n = 2420/2000 = 121/100 = (11/10)²
Therefore, n = 2 i.e. term = 2 year
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