Question
At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years ?
Answer: Option A
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Let the rate be R% p.a. Then ,
`1200 xx (1 + R/100)^2 = 1348.32`
`hArr (1 + R/100)^2 = 134832/120000` = `11236/10000`
`:.` `(1 + R/100)^2 = (106/100)^2`
or `1 + R/100 = 106/100`
or R = 6%
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