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?  Options:  A) 100%  B) 1%  C) 10%  D) 0.1%  E) 0.01%
Let the rate of interest during the second year be R%. Given,   450 * {(100 + 12)/100} * {(100 + R)/100} = 5544   R = 1%   ANSWER:1%
<result>B</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?