Practicing Success
Practicing Success
CUET Preparation Today
At what rate of compound interest per annum will a sum of ₹1200 become ₹1348.32 in 2 years? |
6% 6.5% 7% 7.5% |
6% |
$Amount = Principal [1 + (rate per annum/100)]^2$ $1348.32 = 1200 [1 + (r/100)]^2$ $1348.32/1200 = [1 + (r/100)]^2$ $1.1236 = [1 + (r/100)]^2$ (r/100) = sqrt(1.1236) - 1 = 1.06-1 $r/100 = 0.06$ r = 6 The correct answer is Option (1) → 6% |
