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      Question

      A sum of Rs. 7500 was invested at a certain annual compound

      interest rate and earned Rs. 1908 in interest over 2 years. What was the annual rate of interest?
      A 12% Correct Answer Incorrect Answer
      B 25% Correct Answer Incorrect Answer
      C 32% Correct Answer Incorrect Answer
      D 10% Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      ATQ,

      Let the rate of interest is R% per annum.

      According to question,

      7500 ├Ч [(1 + R/100)┬▓ тАУ 1] = 1908

      (1 + R/100)┬▓ тАУ 1 = 159/625

      (1 + R/100)┬▓ = 159/625 + 1

      (1 + R/100)┬▓ = 784/625

      1 + R/100 = 28/25

      R/100 = 3/25

      R = 12%

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