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Q: In what time will Rs. 1000 amount to Rs. 1331 at 10% per annum, under compound interest?
A. 2.8 years B. 3.2 years
C. 2.5 years D. 3 years

Answer and Explanation

Answer:3 years

Explanation:
Amount after n years = P( 1 + R/100)n
∴ 1331 = 1000(1 + 10/100)n
= (1331 / 1000) = (110 / 100)n
= (11/10)3 = (11 / 10)n
= 3 years

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