CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
0
You visited us 0 times! Enjoying our articles? Unlock Full Access!
Question

At what rate percent per annum compound interest will Rs. 10000 amount to Rs. 13310 in three years?

A
5%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
10%
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C
12.5%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
24%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B 10%
Let the required rate be x% p.a.

Here,A=Rs.13310,P=Rs.10000,t=3 years.

Using formula:
A=p(1+R100)n

13310=10000(1+x100)3

13310=10000[(100+x)100]3

1331010000=[(100+x)100]3

(1110)3=[(100+x)100]3

1110=(100+x)100

11×100=10×(100+x)

1100=1000+10x

11001000=10x

10x=100

x=10

Hence ,the required rate =10%p.a.

flag
Suggest Corrections
thumbs-up
2
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Application of Compound Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon