Rs.4500 amounts to Rs.5544 in two years at compound interest, compounded annually. If the rate of the interest for the first year is 12%, find the rate of interest for the second year? Choose one:  A) 5544  B) 2288  C) 6776  D) 1877  E) 1981
Let the rate of interest during the second year be R%. Given,   4500 * {(100 + 12)/100} * {(100 + R)/100} = 5544   R = 10%   5544nswer:5544
<result>A</result>
Rs.4500 amounts to Rs.5544 in two years at compound interest, compounded annually. If the rate of the interest for the first year is 12%, find the rate of interest for the second year?