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Compound Interest

Q1:

At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?

A 6%

B 6.5%

C 7%

D 7.5%

ANS:A - 6%

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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