Question:
The simple interest and compounded interest (compounded annually) earned on a certain sum of money are 8,000 and 8,400 respectively. If the principal is 40,000 and the rate of interest is 10% per annum, then what is the duration of the investment?
The simple interest and compounded interest (compounded annually) earned on a certain sum of money are 8,000 and 8,400 respectively. If the principal is 40,000 and the rate of interest is 10% per annum, then what is the duration of the investment?
Updated On: Oct 22, 2024
- 1 year
- 1.5 year
- 2 year
- 2.5 year
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The Correct Option is C
Solution and Explanation
The correct answer is (C): 2 year
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