In what time will $ 1000 become $ 1331 at 10% per annum compounded annually?  Choose the correct choice from the following options:
A) 3 Years  B) 4 Years  C) 5 Years  D) 2 Years  E) 1 Year
Principal = $ 1000; Amount = $ 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.   3 Yearsnswer 3 Years.
<result>A</result>
In what time will $ 1000 become $ 1331 at 10% per annum compounded annually?