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Question

In what time will Rs.1000 amount to Rs.1331 at 10% p.a. compound interest?

A
4 years
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B
3 years
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C
2 years
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D
1 year
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Solution

The correct option is B 3 years
We have, P=Rs.1000,A=Rs.1331 and R=10%
We know, A=P(1+R100)n

1331=1000(1+10100)n

(1110)n=13311000

(1110)3=13311000
n=3years.

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