At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1

Question

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

Options:

A . 6%

B . 6.5%

C . 7%

D . 7.5%

Answer: Option A

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 2 = 106 2 100 100

1 + R = 106 100 100

R = 6%

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