Question

At what rate of compound interest per annum will a sum of Rs 1200 become Rs 1348.32 in 2 years ?

Answer 1

1200*{1+R/100}2  =1348.32
{1+R/100}2  =134832/120000=11236/10000
{1+R/100]2 ={106/100}2
1+R/100 =106/100
R =6%
May be or may not be. if this is correct , mark it as best

Answer 2

Given, P= Rs 1200
A=Rs1348.32
n=2 yrs
We know, A=$P(1+ \frac{R}{100} )^n$
1348.32= $1200( \frac{100+R}{100} )^2$
$\frac{1348.32}{1200} = (\frac{100+R}{100} )^2$
1.1236=$(\frac{100+R}{100} )^2$
$\sqrt{1.1236} = \frac{100+R}{100}$
$1.06= \frac{100+R}{100}$
$1.06(100)-100=R$
$106-100=R=6$
R=6
Therefore, rate of interest= 6%