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      Question

      F placed Rs. 10,000 in a compound interest scheme for 2

      years at an annual rate of p%. If he received Rs. 3456 as compound interest, calculate the rate of interest per annum.
      A 20% Correct Answer Incorrect Answer
      B 16% Correct Answer Incorrect Answer
      C 12% Correct Answer Incorrect Answer
      D 24% Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      ATQ, CI = P(1 + R/100)² – P 3456 = 10000 × [1 + (p/100)]² – 10000 3456 + 10000 = 10000 × [1 + (p/100)]² 13456 = 10000 × (100 + p)² / 100² 13456 × 100² = 10000 × (100 + p)² (100 + p)² = (13456 × 10000) / 10000 (100 + p)² = 13456 (100 + p)² = 13456 ≈ 116² 116² = (100 + p)² 116 = 100 + p p = 16 So, the interest rate is 16% per annum.

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