The compound interest on Rs. 20,000 at 8% per annum is Rs. 3,328. What is the period (in year)?
Choices:
A) 1 year  B) 4 years  C) 3 years  D) 2 years  E) 5 years
Explanation:   Let the period be n years.   Amount after n years = Rs.20000 + Rs.3328 = Rs. 23328   P(1+R/100)T=23328   20000(1 + 8/100)n = 23328   20000(108/100)n = 23328   (108/100)n = 23328/20000 = 11664/10000 = (108/100)2   n = 2 years   Answer: Option 2 years
<result>D</result>
The compound interest on Rs. 20,000 at 8% per annum is Rs. 3,328. What is the period (in year)?