Question

A sum of money becomes 1.331 times in 3 years as compound interest. the rate of interest is

Answer 1

let money = x
then amount= 1.331x

1.331x= x (1+r/100)^3
1.331= (100+r /100)^3
(1.1)^3= (100+r/100)^3
1.1 ×100= 100+r
110= 100+r
r= 110-100=10 %