Question : The compound interest on Rs.1000 at 10% per annum for 3 years in (Rs) is:
Option 1: Rs. 1331
Option 2: Rs. 331
Option 3: Rs. 300
Option 4: Rs. 1300
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Correct Answer: Rs. 331
Solution :
Given:
Principal = Rs.1000
Rate of Interest = 10%
Time = 3 years
Formula used:
CI = $P(1+\frac{R}{100})^{n} - P$ where n is the number of years.
Calculation:
C = $1000(1+\frac{10}{100})^{3} - 1000$
CI = $1000(1.331) -1000$
CI = $1331 - 1000$
CI = Rs. 331
Hence, the correct answer is Rs. 331.
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