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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%

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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