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In what time will Rs. 1000 become Rs. 1331 at 10% per annum compounded annually?

A. 1 year

B. 4 year

C. 3 year

D. 6 year

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Correct Answer : C.


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.

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