a sum of money 1200 lent out at c.i amount to rs 14257.2 in 2 year's.calculate the rate of interest
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For ,
N=2years
P=Rs1,200
On interest being compounded for 2 years,
Amount=P(1+
100
R
)
N
1,452=1,200×(1+
100
R
)
2
1.21=(1+
100
R
)
2
Taking square root on both sides,
1.1=1+
100
R
=>R=10 %
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