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- In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually?
Question 1:
In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually? A. 1 year
B. 4 years
C. 3 years
Feedback 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.
Then, [ 1000 (1+ (10/100))n ] = 1331 or (11/10)n = (1331/1000) = (11/10)3
n = 3 years.
D. 6 years
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