Question

What sum of money will amount to 1331 rupees in 3 years at the rate of 10% per annum compound interest
​

Answer 1

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