Compound Interest

Quantitative Aptitude (SBI-CL)

Title

45:30

8 of 24 completed

5 of 15 completed

38 of 100 completed

8 of 20 completed

Indian Economy - Understanding the basics of Indian economic system

In what time will Rs.1000 become Rs.1331 at 10% per annum compounded annually?

2 yrs

3 yrs

4 yrs

5 yrs

Principal = Rs.1000;

Amount = Rs.1331;

Rate = Rs.10%p.a.

Let the time be n years.Then

[1000(1+10/100)ⁿ;] = 1331.

= (1331/1000) = (11/10)³

Therefore n = 3 years.

Hence, option 2 is the correct answer.