In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually ? Options: A . &nbsp2 years B . &nbsp`2 1/2`years C . &nbsp3 years D . &nbsp`3 1/4` years

In what time will Rs.

Question

In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually ?

Options:

A . 2 years

B . `2 1/2`years

C . 3 years

D . `3 1/4` years

Answer: Option C

Principal = Rs. 1000 amount = Rs. 1331 Rate = 10% p.a.

Let the time be n years , Then ,

= `[1000 (1 + 10/1000)^n]` = 1331

or ` (11/10)^n = (1331/1000)`

or `(11/10)^n = (11/10)^3`

or n = 3

`:.` n = 3 years.

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