At what percent per annum will Rs.3000/- amounts to Rs.3993/- in 3 years if the

Question

At what percent per annum will Rs.3000/- amounts to Rs.3993/- in 3 years if the interest is compounded annually?

Options:

A . 13%

B . 9%

C . 11%

D . 10%

Answer: Option D
Answer: (d)Using Rule 1,If A = Amount, P = Principal, r = Rate of Compound Interest (C.I.), n = no. of years then,A=P$(1 + r/100)^n$, C.I. = A - PC.I. = P$[(1 + r/100)^n - 1]$

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