1000 amount to ₹1331 at 10% p.a compounded annually?
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Step-by-step explanation:
Given, Principal P=1000, Amount A=1331 and Rate 10%
Let the time be n years.
Therefore, 1000(1+
100
10
)
n
=1331
⇒(
10
11
)
n
=
1000
1331
We know, (
10
11
)
3
=
1000
1331
On comparing powers, we get n=3
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