In what time will ` 1,000 become ` 1,331 at 10% per annum compound interest ?

In what time will Rs 1000 amount to Rs 1331 at 10% per annum, compound interest?

Solution

Let the time be n years.
Then, 
\[A = P \left( 1 + \frac{10}{100} \right)^n \]
\[1, 331 = 1, 000 \left( 1 + \frac{10}{100} \right)^n \]
\[ \left( 1 . 1 \right)^n = \frac{1, 331}{1, 000}\]
\[ \left( 1 . 1 \right)^n = 1 . 331\]
\[ \left( 1 . 1 \right)^n = \left( 1 . 1 \right)^3 \]
On comparing both the sides, we get: 
n = 3
Thus, the required time is three years.

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In what time will Rs 1000 amou...

Updated On: 27-06-2022

(00 : 00)

Text Solution

Answer : 3 years.

Answer

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