7.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: Option A
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
|
=
|
106
|
100
|
100
|
R = 6%
Title :
Compound Interest Q7
Description : 7.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% ...
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