Discussion
The compound interest on Rs. 10,000 at 16% per annum is Rs. 3456. The period (in years) is.
Answer: A
The period is 2 years. The compound interest on Rs. 10,000 is Rs. 3456, so the amount is Rs. 13,456. Then \[ 10000\left(1 + \frac{16}{100}\right)^{n} = 13456 \] \[ 1.16^{n} = 1.3456 \] Since \(1.16^{2} = 1.3456\), \(n = 2\). For 3 years the amount would be \(10000\times 1.16^{3} = 15608.96\), which is too large, so the longer periods 3, 5 and 6 years are wrong.
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