Question

In what time will $Rs1000$ amount to $Rs1331$ at $10\%$ per annum compound interest?

Answer 1

$A=Rs.1331$

$P=Rs.1000$

$R=10\%$

$S.I.=A-P$

$=1331-1000$

$=Rs.331$

$S.I.=\frac{P\times R\times T}{100}$

$331=\frac{1000\times 10\times T}{100}$

$\therefore T=\frac{331}{100}$

$T=3.31$

$T\approx 3$ years