In what time will Rs. 1000 amount to Rs. 1331 at 10% per annum, compou – InterviewSolution

InterviewSolution

1.

In what time will Rs. 1000 amount to Rs. 1331 at 10% per annum, compound interest?

Answer»

Given details are,

Principal = Rs 1000

Amount = Rs 1331

Rate = 10% per annum

Let time = T years

By using the formula,

A = P (1 + R/100)ⁿ

1331 = 1000 (1 + 10/100)^T

1331 = 1000 (110/100)^T

(11/10)^T = 1331/1000

(11/10)^T = (11/10)³

So on comparing both the sides, n = T = 3

∴ Time required is 3years.

Discussion

No Comment Found

Related InterviewSolutions

A car is purchased for Rs. 348000. Its value depreciates at 10% per annum during the first year and at 20% per annum during the second year. What will be its value after 2 years?
Arun took a loan of Rs. 390625 from Kuber Finance. If the company charges interest at 16% per annum, compounded quarterly, what amount will discharge his debt after one year?
A scooter is bought at Rs. 56000. Its value depreciates at the rate of 10% per annum. What will be its value after 3 years?
A machine is purchased for Rs. 625000. Its value depreciates at the rate of 8% per annum. What will be its value after 2 years?
Rs. 62500 for 2 years 6 months at 12% per annum compounded annually.
Rs. 16000 was borrowed by a man from a bank where compound interest is computed quarterly. Annual interest rate is 10%. How much he has to pay after 9 months to clear his liabilities?
Rekha deposited Rs. 16000 in a foreign bank which pays interest at the rate of 20% per annum compounded quarterly, find the interest received by Rekha after one year.
A sum of money was lent for 2 years at 20% compounded annually. If the interest is payable half-yearly instead of yearly, then the interest is Rs. 482 more. Find the sum.
Meera borrowed a sum of Rs. 1000 from Sita for two years. If the rate of interest is 10% compounded annually, find the amount that Meera has to pay back.
Rahman lent Rs. 16000 to Rasheed at the rate of 12 1/2%per annum compound interest. Find the amount payable by Rasheed to Rahman after 3 years.