Practicing Success
Practicing Success
CUET Preparation Today
At what rate of interest ₹1,200 becomes ₹1,323 in 2 years where interest gets compounded annually: |
$2\frac{1}{2}$% $3\frac{1}{4}$% 5% $7\frac{1}{2}$% |
5% |
Principal, P = 1200 After compounding annually @ r% p.a., Amount, A = 1323 T = 2 years A = P(1 +r/100)^T 1323 = 1200 (1+ r/100)^2 1323/1200 = (1+ r/100)^2 1 + r/100 = 1.05 r = 5% The correct answer is Option (3) → 5% |
