A sum of ₹14,375, when invested at r% interest per year compounded annually, amounts to ₹16,767 after two years. What is the value of r?
Explanation:
Given, 16767 = 143751+r1002
⇒ 1+r1002 = 1676714375
⇒ 1+r1002 = 1.1664
⇒ 1+r100 = 1.08
⇒ r = 8%
Hence, option (b).