general math MCQ #848

At what rate of interest will Rs. 20000 becomes Rs. 24200 after 2 years when interest is compounded annually?

general math MCQ #848

  1. Question 1

    Q1. At what rate of interest will Rs. 20000 becomes Rs. 24200 after 2 years when interest is compounded annually?

    • A) 5%
    • B) 6%
    • C) 10%
    • D) 15%

    Answer: 10%

    Explanation: (1+r)² = 24200/20000 = 1.21, so 1+r = 1.1 and r = 10% per annum.