At what rate per cent per annum will ₹ 1000 a | vedclass

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Question

(A) Given: Principal $(P)$ = ₹ $1000$,Amount $(A)$ = ₹ $1331$,Time $(t)$ = $3$ years.The formula for compound interest is $A = P(1 + \frac{r}{100})^t$

Vedclass · Accepted Answer

$10$

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(A) Given: Principal $(P)$ = ₹ $1000$,Amount $(A)$ = ₹ $1331$,Time $(t)$ = $3$ years.The formula for compound interest is $A = P(1 + \frac{r}{100})^t$.Substituting the values: $1331 = 1000(1 + \frac{r}{100})^3$.Divide both sides by $1000$: $\frac{1331}{1000} = (1 + \frac{r}{100})^3$.Since $1331 = 11^3$ and $1000 = 10^3$,we have $(\frac{11}{10})^3 = (1 + \frac{r}{100})^3$.Taking the cube root on both sides: $\frac{11}{10} = 1 + \frac{r}{100}$.$1.1 = 1 + \frac{r}{100}$.$0.1 = \frac{r}{100}$.$r = 0.1 	imes 100 = 10 \%$.Therefore,the rate of interest is $10 \%$ per annum.

At what rate per cent per annum will ₹ $1000$ amount to ₹ $1331$ in $3$ years? The interest is compounded yearly.

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