RRB NTPC · Question 43
A woman deposited Rs. 100 at an annual interest rate of 10%. The woman received Rs. 121 at the end of the period at the rate of compound interest. How long did he keep the money in the bank? A. 1 year B. 2 years C. 2.5 years D. 3 years
Show answer & explanation
Answer: (D) B
Explanation
100 × (1.1)ⁿ = 121 gives (1.1)ⁿ = 1.21 = (1.1)², so n = 2 years.