Question
A sum of ₹60,000 is invested at
a compound interest rate of 'x%' per annum, compounded annually, and grows to ₹75,264 in 2 years. Determine the value of 'x'.Solution
ATQ; 75264 = 60000 × {1 + (x/100)}2 Or, (784/625) = {1 + (x/100)}2 Or, (28/25) = 1 + (x/100) Or, (x/100) = (3/25) So, x = 12
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