Question

In how much time would ₹1000 amount to ₹13310 at 10% per annum compound interest.​

Answer 1

Step-by-step explanation:

Principal = Rs 1000

Amount = Rs 1331

Rate = 10% per annum

Let time = T years

By using the formula, A = P (1 + R/100)^n

1331 = 1000 (1 + 10/100)T

1331 = 1000 (110/100)T

(11/10)T = 1331/1000

(11/10)T = (11/10)3

So on comparing both the sides, n = T = 3

∴ Time required is 3years.