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Compound Interest
At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?
6%
6.5%
7%
7.5%
Show Answer
Correct Answer:
6%
Explanation:
Let the rate be R% p.a.
Then, 1200 x
❨
1 +
R
❩
2
= 1348.32
100
⟹
❨
1 +
R
❩
2
=
134832
=
11236
100
120000
10000
∴
❨
1 +
R
❩
2
=
❨
106
❩
2
100
100
⟹ 1 +
R
=
106
100
100
⟹ R = 6%
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