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In 3 years Rs. 3000 amounts to Rs. 3993 at x% compound interest, compounded annually. The value of x is
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- 10
- 8
- 5
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3 1 3
Correct Option: A
Given in question , Amount ( A ) = Rs. 3993 , P = Rs. 3000 , Rate = x% , Time = 3 years
Using the given formula ,
| A = P |  | 1 + |  | T | |
| 100 |
| ⇒ 3993 = 3000 | | 1 + | | 3 | |
| 100 |
| ⇒ | = |  | 1 + | | 3 | ||
| 3000 | 100 |
| ⇒ | = | | 1 + | | 3 | ||
| 1000 | 100 |
| ⇒ | | | 3 | = | | 1 + | | 3 | ||
| 10 | 100 |
| ⇒ 1 + | = | ||
| 100 | 10 |
| ⇒ | = | − 1 = | |||
| 100 | 10 | 10 |
| ⇒ x = | ×100 | |
| 10 |
Hence , x = 10% per annum
