The compound interest on $2000 at 10% per annum is $662. The period(in years) is?
Pick one: A) 2 B) 3 C) 4 D) 5 E) 6
A = P(1 + R/100)^T   2662 = 2000(1 + 10/100)^T   (11/10)^T = 2662/2000   (11/10)^T = (11/10)^3   T = 3 years   Answer is 3
<result>B</result>
The compound interest on $2000 at 10% per annum is $662. The period(in years) is?