Compound Interest Practice Test 2

Question : 25 of 40

Marks: +1, -0

What rate will Rs 1,84,800 amount to Rs 2,12,520 in a period of 2 years compounded annually?

Solution:

2,12,520 =1,84,800 (1+r/100)^2

(23/20)^2=(1+r/100)^2

23/20=1+r/100

r=15%

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