Question

in what time Rs. 3000 yield Rs. 993 as compound interest at 10% per year compounded annually

Answer 1

Given:-

P=3000

R=10%

C.I=993

A=P(1+R/100)^n

P+CI=3000(1+10/100)^n

3000+993=3000(1+1/10)^n

3993=3000*(11/10)^n

3993/3000=(11/10)^n

1331/1000=(11/10)^n

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

3=N

Hence, Time =3years