At what rate of compound interest per annum will a sum of $1200 becomes 1348.32 in 2 years?  Choose the correct choice from the following
A) 5%
B) 6%
C) 7%
D) 8%
E) 10%
Let the rate be R% p.a.   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   R = 6%   Answer is 6%
<result>B</result>
At what rate of compound interest per annum will a sum of $1200 becomes 1348.32 in 2 years?