At what rate of interest will be Rs 20000 becomes Rs 24200 after 2 years when i

Question

At what rate of interest will be Rs 20000 becomes Rs 24200 after 2 years when interest is compounded annually?

Options:

A . 5%

B . 6%

C . 10%

D . 15%

Answer: Option C

P = Rs 20000, A =Rs 24200,
t = 2 years
20000 Ã— (1 + R/100)² = 24200
=> (1 + R/100) ² = 24200/20000 = 121/100 = (11/10) ²
=> 1 + R/100 = 11/10
=> R/100 = (11/10 - 1) = 1/10
=> R = (100 Ã— 1/10) % p.a = 10 % p.a
Hence, Rate = 10 % p.a

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