At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 13

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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