At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years
3%
4%
5%
6%
Explanation:
Let Rate will be R%
$1200(1+R/100)^2$=134832/100
$(1+R/100)^2$=134832/120000
$(1+R/100)^2$=11236/10000
(1+R100)=106100
=>R=6%
Let Rate will be R%
$1200(1+R/100)^2$=134832/100
$(1+R/100)^2$=134832/120000
$(1+R/100)^2$=11236/10000
(1+R100)=106100
=>R=6%