At what rate per cent per annum will ₹ 1000 amount to ₹ 1331 in 3 years? interest is compounded

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6.Interest

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At what rate per cent per annum will ₹ $1000$ amount to ₹ $1331$ in $3$ years? The interest is compounded yearly.

A

$10$

B

$12$

C

$13$

D

None of these

Solution

(a) Here, $P=1000, A=1331$ and $t=3$

$P=100\left[\left(\frac{A}{P}\right)^{1 / t}-1\right] \%$ p.a.

$=100\left[\left(\frac{1331}{1000}\right)^{1 / 3}-1\right] \% p . a$

$=100\left[\left(\frac{11}{10}\right)^{3 \times \frac{1}{3}}-1\right]=100 \times \frac{1}{10}=10 \% p.a$

Standard 13

Quantitative Aptitude

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