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Rs. 800 at 5% per annum compound interest will amount to Rs. 882 in?

1 years
2 years
3 years
4 years

Correct Answer: 2 years

Explanation:

Let time be t years
∵ 882 = 800( 1 +5/1000)^t
⇒ 882/800 = (21/20)^t
⇒ (21/20)² = (21/20)^t
⇒ t =2
∴ Time = 2years

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