At what per cent per annum will Rs 3000 amount to Rs 3993 in 3 years if the interest is compounded a...........

Quantitative Aptitude ( CCS) Compound Interest

At what per cent per annum will Rs. 3000 amount to Rs. 3993 in 3 years if the interest is compounded annually?

10%

11%

13%

P = Rs. 3000 , A = Rs. 3993 , n = 3 years

$A = p \left ( 1+\frac{r}{100} \right )^{n}$

$\therefore \left ( 1 + \frac{r}{100} \right )^{n} = \frac{A}{P}$

$=>\left ( 1+\frac{r}{100} \right )^{3} = \frac{3993}{3000} = \frac{1331}{1000}$

$=>\left ( 1+\frac{r}{100} \right )^{3} = \left ( \frac{11}{10} \right )^{3}$

$=>1+\frac{r}{100} = \frac{11}{10}$

$=>\frac{r}{100} = \frac{11}{10}-1$

$=> \frac{r}{100} = \frac{1}{10}$

$=> r = \frac{100}{10} = 10\%$

Hence, option 2 is the correct answer.

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