14 vote
A sum of money becomes 1.331 times in 3 years as compound interest. The rate of Interest is
Asked on by Guest | Votes 14 | Views: 1833 | Tags: mathematics | compound interest | quantitative aptitude | ssc | Add Bounty
A sum of money becomes 1.331 times in 3 years as compound interest. The rate of Interest is
1). 8%
2). 7.5%
3). 10%
4). 50%
2 answers
7 vote
right answer for this question is option 3
32 vote
If principal = 1000, amount
= 1331
A = P($1+\frac{R^{T}}{100}$)
$\frac{1331}{1000}$ = ($1+\frac{R^{3}}{100}$)
($1+\frac{R^{}}{100}$) = $\frac{11}{10}$
$\frac{R}{100}$= $\frac{1}{10}$
R = 10%
