Exams › SSC CGL (Prelims) › Maths

A sum of money becomes 1.331 times in 3 years under compound interest. The rate of interest is:

1. 8%
2. 7.5%
3. 10%
4. 50%

Correct answer: 10%

Solution

Since the amount becomes 1.331 times in 3 years, \((1+r/100)^3 = 1.331\). Now \(1.331 = 1.1^3\), so \(1+r/100 = 1.1\), giving \(r=10\%\).

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