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In what time will Rs 1000 become Rs 1331 at 10% per annum compounded annually?
- a)2 years
- b)3 years
- c)4 years
- d)7 years
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
In what time will Rs 1000 become Rs 1331 at 10% per annum compounded a...
Principal = Rs 1000
Amount = Rs 1331
Rate = Rs 10% p.a.
Let the time be n years. Then
Therefore n = 3 years.
Amount = Rs 1331
Rate = Rs 10% p.a.
Let the time be n years. Then
Therefore n = 3 years.
Most Upvoted Answer
In what time will Rs 1000 become Rs 1331 at 10% per annum compounded a...
Time taken for Rs 1000 to become Rs 1331 at 10% per annum
The formula to calculate compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = Amount
P = Principal amount (initial investment)
r = Annual interest rate (in decimal form)
n = Number of times that interest is compounded per year
t = Number of years
Given data:
P = Rs 1000
A = Rs 1331
r = 10% per annum = 0.10
n = 1 (compounded annually)
Calculating the time (t):
1331 = 1000(1 + 0.10/1)^(1*t)
1331 = 1000(1.10)^t
1.331 = 1.10^t
t = log(1.331)/log(1.10)
t ≈ 3 years
Therefore, it will take 3 years for Rs 1000 to become Rs 1331 at 10% per annum compounded annually.
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In what time will Rs 1000 become Rs 1331 at 10% per annum compounded annually?a)2 yearsb)3 yearsc)4 yearsd)7 yearsCorrect answer is option 'B'. Can you explain this answer?
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