what sum of money will amount to1331 in 3 years at the rate 10% per annum compound interest
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Answer:
Rs.1000
Step-by-step explanation:
Let the sum of money be P.
Rate (R) = 10%
Time (n) = 3 years
Amount (A) = Rs.1331
A = P (1 + R/100)ⁿ
=> 1331 = P (1 + 10/100)³
=> 1331 = P (11/10)³
=> 1331 × 1000/1331 = P
=> P = Rs.1000
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