Question

    Compound interest received after 2 years on ₹7000 at

    R% rate of interest compounded annually is ₹1164.8. Find the value of R.
    A 6% Correct Answer Incorrect Answer
    B 8% Correct Answer Incorrect Answer
    C 10% Correct Answer Incorrect Answer
    D 12% Correct Answer Incorrect Answer

    Solution

    CI = P (1 + R/100)² - P
    7000*[(1 + R/100) 2  -1] = 1164.8
    (1 + R/100) 2  = 8164.8/7000
    R = 8%

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