[6%] At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?

For Competitive Exams

At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?

6.5%

7.5%

Explanation:

Let the rate be R% p.a.

Then, 1200 $ \times\left(1 +\dfrac{R}{100} \right)^2$= 1348.32

$\Rightarrow \left(1 +\dfrac{R}{100} \right)^2$=$ \dfrac{134832}{120000} $=$ \dfrac{11236}{10000} $

$\therefore \left(1 +\dfrac{R}{100} \right)^2$=$ \left(\dfrac{106}{100} \right)^2$

$\Rightarrow$ 1 +$ \dfrac{R}{100} $=$ \dfrac{106}{100} $

$\Rightarrow$ R = 6%

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