At what rate of CI per year will a sum of Rs. 1200 become Rs. 1348.32 in 2 years? Pick.
A) 5% B) 6% C) 8% D) 9% E) 11%
Let the rate be R% p.a.   Then, 1200 x 1 + R 2 = 1348.32   100   1 + R 2 = 134832 = 11236   100 120000 10000   1 + R 2 = 106 2   100 100   1 + R = 106   100 100   R = 6%   6%
<result>B</result>
At what rate of CI per year will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?