The compound interest on ₹30000 at 10% per annum for n years is ₹9930. The value of n is :
Answer & explanation
Correct answer: option 3
In compound interest
A = P( 1+ \(\frac{r}{100}\))n
A = P + CI
30000 + 9930 = 30000( 1+ \(\frac{r}{100}\))n
39930 = 30000( 1+ \(\frac{10}{100}\))n
\(\frac{1331}{1000}\) = \(\frac{11}{10}\))n
(\(\frac{11}{10}\))³ = \(\frac{11}{10}\))n
on comparing ,
n = 3
The correct answer is option (3) : 3