The interest on a sum of Rs. 2000 is being compounded annually at the rate of 4% per annum. Find the period for which the compound interest is Rs. 163.20.
Given,
Principal = Rs. 2000
Rate = 4 % p.a
C.I = Rs.163.20
Let time = T years
So,
Compound interest =
=
=
=
=
=
= T = 2years
Hence,
Time = 2 years