Simple & Compound Interest · Question 28 · Hard
At what rate per annum, compounded annually, will ₹6,250 amount to ₹7,290 in 2 years?
- 7%
- 8%
- 8.32%
- 9%
Answer and explanation
Answer: B. 8%
Explanation: (1 + r/100)² = 7290/6250 = 1.1664 = (1.08)², so r = 8%.
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