Question

A sum amount to 1,331 at a principle of 1,000 at 10% compounded annually. Find the time.

(A) 3.31 yrs

(B) 4 yrs

(C) 3 yrs

(D) 2 yrs

Please Give Full Solution​

Answer 1

Answer:

hence, option c is correct. 3 years

Step-by-step explanation:

let, principal (p) = 1000

rate of interest (r) = 10%

time = n

we know that, A = P(1 + r/100)^n

1331 = 1000(1 + 10/100)^n

1331/1000 = (11/10)^n

(11/10)^n = (11/10)^3

n = 3

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