Question

1.At what rate of compound interest per annum will a

sum of Rs. 1200 become Rs. 1348.32 in 2 years?

A. 6% B. 6.5% C. 7% D. 7.5

Answer 1

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Answer 2

Let the rate be R% p.a

then,


$12000 \: \times (1 + \frac{r}{100} ) ^{2} = 1348.32$

$(1 + \frac{r}{100} ) ^{2} = \frac{134832}{120000} = \frac{11236}{10000}$
$(1 + \frac{r}{100} ) ^{2} = ( \frac{106}{100} ) ^{2}$
$1 + \frac{r}{100 } = \frac{106}{100}$
r=6%

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