At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?  Pick
A) 6%	B) 6.5%	C) 7%	D) 7.5%	E) 8%
Explanation:   Let the rate be R% p.a.   Then, 1200 x(1 +R/100)2=1348.32   =(1 +R/100)2=134832/120000=11236/10000   (1 +R/100)2=(106/100)2   =&gt;1 +R/100=106/100   R = 6%   6%NSWER IS 6%
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At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?