If the compound interest on a sum of Rs.7000 for 2 years is Rs.1470 then the rate of interest is (interest compounded yearly) Choices:
A) 10 % p.a. B) 12 % p.a. C) 11 % p.a. D) 9 % p.a. E) None
Given CI=1470   P=7000   Thus 10 % p.a.=CI+P=8470   Now 10 % p.a.=p(1+R/100)^n   So,8470=7000(1+R/100)^2   (11/10)^2=(1+R/100)^2   11/10=1+R/100   Thus R=10%   10 % p.a.NSWER:10 % p.a.
<result>A</result>
If the compound interest on a sum of Rs.7000 for 2 years is Rs.1470 then the rate of interest is (interest compounded yearly)