In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually?
Choose the correct choice from the following answers: A) 5 B) 3 C) 4 D) 2 E) 6
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 Answer : 3
<result>B</result>
In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually?