At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?
Explanation:
Let the rate be R% p.a.
Then,
12001+R1002= 1348.321+R1002= 134832120000= 1123610000=1061002
1+R100=106100
∴ R = 6%
Hence, option (a).
» Your doubt will be displayed only after approval.
Help us build a Free and Comprehensive Preparation portal for various competitive exams by providing us your valuable feedback about Apti4All and how it can be improved.