At what rate per cent per annum will Rs 1000 amount to Rs 1331 in 3 years? The interest is compounded yearly.
At what rate per cent per annum will Rs 1000 amount to Rs 1331 in 3 years? The interest is compounded yearly.
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Answer:
We have,
A=Rs. 1331
P=Rs. 1000
T=3 years
R=?
We know that
A=P(1+100R)T
Therefore,
1331=1000(1+100R)3
10001331=(1+100R)3
1011=1+100R
100R=101
R=10%
Hence, this is the answer
Step-by-step explanation:
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