Question

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

विकल्प

• 6%

• 6.5%

• 7%

• 7.5%

Answer 1

6%
Explanation:
Let the rate be r % per annum.

Then, ${\displaystyle 1200\times {(1+\frac{r}{100})}^2=1348.32}$

⇒${\displaystyle {(1+\frac{r}{100})}^2=\frac{134832}{120000}=\frac{11236}{10000}}$

⇒${\displaystyle {(1+\frac{r}{100})}^2={\left(\frac{106}{100}\right)}^2}$

⇒ ${\displaystyle 1+\frac{r}{100}=\frac{106}{100}}$

⇒ r = 6%