In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually?
Options:
A . 1
B . 2
C . 3
D . 4
Answer: Option C
Principal = Rs. 1000; Amount = Rs. 1331; Rate = 10% p.a. Let the time be n years. Then, [ 1000 (1+ (10/100))^n ] = 1331 or (11/10)^n = (1331/1000) = (11/10)^3 n = 3 years
Submit Comment/FeedBack