Q. ₹8000 becomes ₹9680 in 2 years at compound interest compounded annually. What is the rate?
✅ Correct Answer: (C)
10%
Explanation: Amount = P(1 + R/100)² → 9680 = 8000(1 + R/100)² → (1 + R/100)² = 1.21 → R = 10%.
Explanation by: Mr. Dubey
Amount = P(1 + R/100)² → 9680 = 8000(1 + R/100)² → (1 + R/100)² = 1.21 → R = 10%.