Question : If Rs. 10000 amounts to Rs. 11664 invested in compound interest (compounded annually) for two years then the annual rate of compound interest is:
Option 1: 10%
Option 2: 9%
Option 3: 8%
Option 4: 6%
Correct Answer: 8%
Solution :
Principal (
Let the rate of Interest be
Time (
Hence, the correct answer is 8%.
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