A) 3 yr
B) \[2\frac{1}{2}\text{yr}\]
C) 2 yr
D) \[3\frac{1}{2}\text{yr}\]
Correct Answer: A
Solution :
Let the required time be n years. Then, \[1331=1000{{\left( 1+\frac{10}{100} \right)}^{n}}\]\[\left[ \because {{P}_{1}}=P{{\left( 1+\frac{r}{100} \right)}^{n}} \right]\] \[\Rightarrow \] \[\frac{1331}{1000}={{\left( \frac{10+1}{10} \right)}^{n}}\] \[\Rightarrow \] \[{{\left( \frac{11}{10} \right)}^{n}}={{\left( \frac{11}{10} \right)}^{3}}\] \[\Rightarrow \] \[n=3\,\,yr\]
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