A sum of ₹10,000 amounts to ₹12,321 in 2 years at a certain rate of interest per annum, compounded annually. The rate of interest per annum is:
A sum of ₹10,000 amounts to ₹12,321 in 2 years at a certain rate of interest per annum, compounded annually. The rate of interest per annum is:
₹10,000 की धनराशि एक निश्चित वार्षिक ब्याज दर पर 2 वर्षों में ₹12,321 हो जाती है, जब ब्याज वार्षिक रूप से संयोजित किया जाता है। वार्षिक ब्याज दर ज्ञात कीजिए।
Detailed Solution & Logic
Correct Answer:
11%
Given:
Principal = ₹10,000
Amount after 2 years = ₹12,321
Compound Interest formula:
$A = P\left(1 + \frac{r}{100}\right)^2$
So,
$12321 = 10000\left(1 + \frac{r}{100}\right)^2$
$\left(1 + \frac{r}{100}\right)^2 = \frac{12321}{10000} = 1.2321$
Taking square root:
$1 + \frac{r}{100} = 1.11$
$\frac{r}{100} = 0.11$
$r = 11%$
Correct Answer: 11%
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