Postal or Sorting Assistants Model Paper 1 With Solutions

Question : 22 of 100

Marks: +1, -0

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

Solution:

P[1+R/100]^3=1.1=331P⇒[1+R/100]^3=1.331

[1+R/100]^3=[11/10]^3

1+R/100=11/10⇒R/100=11/10-1⇒R/100=1/10

R = 10%

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