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    Question

    Gaurav invested Rs. 9000 in a compound interest scheme

    for 2 years at an annual rate of q%. If he received Rs. 1980 as compound interest, find the rate of interest per annum.
    A 10% Correct Answer Incorrect Answer
    B 16% Correct Answer Incorrect Answer
    C 12% Correct Answer Incorrect Answer
    D 24% Correct Answer Incorrect Answer

    Solution

    ATQ, CI = P(1 + R/100)² – P 1980 = 9000 × [1 + (q/100)]² – 9000 1980 + 9000 = 9000 × [1 + (q/100)]² 10980 = 9000 × (100 + q)² / 100² 10980 × 100² = 9000 × (100 + q)² (100 + q)² = (10980 × 10000) / 9000 (100 + q)² = 12200 (100 + q)² = 12100 (taking nearest perfect square) 110² = (100 + q)² 110 = 100 + q q = 10 So, the interest rate is 10% per annum.

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