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If Rs. 500 amounts to Rs. 583.20 in two years compounded annually, find the rate of interest per annum.


     

A. 7%p.a

B. 8%p.a

C. 9%p.a

D. 10%p.a

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Correct Answer : B.


          Principal = Rs. 500; Amount = Rs. 583.20; Time = 2 years.                                                                            
           Let the rate be R% per annum..
'        
           Then,      [ 500 (1+(R/100)2 ] = 583.20 or [ 1+ (R/100)]2 = 5832/5000 = 11664/10000


                            [ 1+ (R/100)]2 = (108/100)2 or 1 + (R/100) = 108/100 or R = 8

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