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      Question

      A sum of Rs. 9,600 grows to Rs. 12,696 when invested at

      an annual compound interest rate of 'R%' for 2 years. What is the value of 'R'?
      A 20 Correct Answer Incorrect Answer
      B 12 Correct Answer Incorrect Answer
      C 18 Correct Answer Incorrect Answer
      D 15 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      A = P x (1 + r/100)t  So, 12696 = 9600 x (1 + r/100)2  Or, 12696/9600 = (1 + r/100)2  Or, 529/400 = (1 + r/100)2  Or, (23/20)3 = (1 + r/100)2  Or, 1 + (R/100) = (23/20) Or, (R/100) = (3/20) So, 'R' = 15

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