Mathematics
NULL
Medium
Question
At what annual compound interest rate will Rs.20000 become Rs.24200 in 2 years?
A
5%
B
6%
C
10%
✓ Official correct answer
D
15%
Community credibility
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A
5%
No member explanations yet for this option.
B
6%
No member explanations yet for this option.
C
10%
No member explanations yet for this option.
D
15%
No member explanations yet for this option.
Explanation
(1+r)² = 24200/20000 = 1.21 ⇒ 1+r = 1.1 ⇒ r = 10%.