Principal = Rs. 500; Amount = Rs. 583.20; Time = 2 years.Let the rate be R% per annum. [ 500 (1+(R/100)^2 ] = 583.20 or [ 1+ (R/100)]^2 = 5832/5000 = 11664/10000 [ 1+ (R/100)]^2 = (108/100)^2 1 + (R/100) = 108/100 R = 8
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