The compound interest on $ 27,000 at 11% p.a is $ 11,000.Find out the period (in years) ? Choose the correct answer
A) 2.5  B) 3 1/4  C) 3  D) 2 3/4  E) 4
Amount = 27,000 + 11,000   = 38,000 ......... Now by using compound interest formula we get, 27,000 * (111/100)^n = 38000 ====&gt; n == 3 1/4 years   Ans - 3 1/4
<result>B</result>
The compound interest on $ 27,000 at 11% p.a is $ 11,000.Find out the period (in years) ?