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Rs. 1600 at 10% per annum compounded half yearly amount to Rs. 1944.81 in?

2 years
3 years
11/2 years
21/2

Correct Answer: 2 years

Explanation:

1600(1 +5/100)^t = 1944.81
⇒ (21/20)^t =194481/160000 =(441/400)² = (21/20)⁴
∴ T = 4( half years)
⇒ Required time =2 years

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