What sum of money will amount to 1331 rupees in 3 years at the rate of 10% per annum compound interest
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Step-by-step explanation:
According to the question,
Amount (A) = 1331
Time (n) = 3 years
Rate (R) = 10%
A = (1+\frac{r}{100})^{n}A=(1+
100
r
)
n
⇒ 1331 = P(1 +\frac{10}{100})^{3}1331=P(1+
100
10
)
3
⇒ \frac{1331}{P}= \frac{110}{100} X \frac{110}{100} X\frac{110}{`100}
P
1331
=
100
110
X
100
110
X
‘100
110
⇒ \frac{1331}{P} = \frac{1331}{1000}
P
1331
=
1000
1331
⇒ P = 1000
Hence, the sum of money that will amount to rupees 1331 in 3 years at a rate of 10% per annum compound interest is Rs 1000
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