A sum of Rs. 2000 amounts to Rs. 2420 in 2 years at compound interest. Find the rate.
A5%
B10%
C15%
D20%
Explanation
2000(1+r/100)^2 = 2420 => (1+r/100)^2 = 1.21 => 1+r/100 = 1.1 => r=10.
Exam Relevance
- Topic: Interest
- Subtopic: Compound Interest
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