In 3 years Rs 3000 amounts to Rs 3993 at x% compound interest, compounded annually. The value of x is
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 10
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Understanding |
Application |
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Given: P = Rs. 3000 A = Rs. 3993 Time = 3 years Rate = x% |
We know: A = P (1 + R/100)T So, 3993 = 3000 × (1 + x/100)3 ⇒ 1.331 = (1 + x/100)3 ⇒ (1 + x/100) = 1.1 ⇒ x = 10 |