1.

The time taken for Rs. 1000 to become Rs. 1331 at 20% p.a, compounded annually is 3 years.True or False???​Also explain your answer

Answer»

Answer:

True

Step-by-step explanation:

LET , the time required be n YEARS .

Then,

amount = 1000× (1 + 10/100)^n

=1000×(11/10)^n

now,

1331= 1000×(11/10)^n

(11/10)^n=1331/1000=11×11×11/10×10×10

(11/10)^n=(11/10)^3

So, n = 3.

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