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