The population of a town increases at the rate of 10% every year. The present population is 1,000. In how many years will the population become Rs. 1,331?

Correct option is D

Given:
Future population= 1331
Present population = 1000
R = 10%
Formula Used:

$$A = P \left[ 1 + \frac{R}{100} \right]^t$$​
Solution:
Let the required time be n years, Then,

$$\begin{aligned}&\Rightarrow 1331 = 1000 \left[ 1 + \frac{10}{100} \right]^n \\&\Rightarrow \frac{1331}{1000} = \left( \frac{11}{10} \right)^n \\&\Rightarrow \left( \frac{11}{10} \right)^3 = \left( \frac{11}{10} \right)^n \\&\Rightarrow n = 3\end{aligned}$$​
Required time period of time = 3 years