Simple & Compound Interest · Question 26 · Medium
A sum of money becomes ₹1,331 in 3 years at 10% per annum compound interest, compounded annually. What is the sum?
- ₹1,100
- ₹1,000
- ₹1,024
- ₹1,210
Answer and explanation
Answer: B. ₹1,000
Explanation: P × (1.1)³ = 1331, and (1.1)³ = 1.331, so P = ₹1,000.
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