Question Detail
In what time will Rs.1000 become Rs.1331 at 10% per annum compounded annually
- 2 Years
- 3 Years
- 4 Years
- 5 Years
Answer: Option B
Explanation:
Principal = Rs.1000;
Amount = Rs.1331;
Rate = Rs.10%p.a.
Let the time be n years then,
\begin{aligned}
1000(1+\frac{10}{100})^n = 1331 \\
(\frac{11}{10})^n = \frac{1331}{1000} \\
(\frac{11}{10})^3 = \frac{1331}{1000} \\
\end{aligned}
So answer is 3 years