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Question

Q. Ram deposits Rs 500, which amount to Rs 583.20 in two years compounded annually, find the rate of interest

A
5%
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B
6%
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C
7%
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D
8%
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E
None of these
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Solution

The correct option is D 8%
For rate of interest = x
Total amount =583.20=500×(1+x100)2
(1+x100)2=58325000=1166410000
1+x100=108100
x = 8%


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