Question

At what rate percent per annum compounded annually will sum of Rs.1000 amount to 1331 in 3 years?

Answer 1

P = ₹1000
A = 1331
T = 3 years .
R = ?
:A = P (1+r/100)^n
1331 = 1000(1+r/100)^3
1331 = 1000(1+r/100)^3
1331 = 1000 * 100r/100*100r/100*100r/100
1331=1000r^3
1000r^3=1331
r^3=1331/1000
r=^3√1331/1000
r=11/10%