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    Question

    An amount of Rs 12,000 becomes Rs 14,520 in 2 years at

    compound interest (compounded annually). Find the rate of interest per annum.
    A 10% Correct Answer Incorrect Answer
    B 18% Correct Answer Incorrect Answer
    C 20% Correct Answer Incorrect Answer
    D 12% Correct Answer Incorrect Answer

    Solution

    ATQ, A = P(1 + r/100)┬▓ 14520 = 12000(1 + r/100)┬▓ (1 + r/100)┬▓ = 14520 / 12000 = 1.21 So 1 + r/100 = тИЪ1.21 = 1.1 r/100 = 0.1 тЗТ r = 10% per annum.

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