In what time will Rs.1000 become Rs.1331 at 10% per annum compounded annually
2 Years
3 Years
4 Years
5 Years
Explanation:
Principal = Rs.1000;
Amount = Rs.1331;
Rate = Rs.10%p.a.
Let the time be n years then,
1000(1+10/100)^n=1331
(11/10)^n=1331/1000
$(1110)^3$=1331/1000
So answer is 3 years
Principal = Rs.1000;
Amount = Rs.1331;
Rate = Rs.10%p.a.
Let the time be n years then,
1000(1+10/100)^n=1331
(11/10)^n=1331/1000
$(1110)^3$=1331/1000
So answer is 3 years