Question
Vijay makes a fixed deposit of Rs 10000 in a bank for 2 years under compound interest. If the maturity value is Rs 11664 , find the rate of interest per annum compounded annually.(1) $4 \%$(2) $5 \%$(3) $8 \%$(4) $10 \%$
Step 1
We are required to find the rate of interest (r) per annum compounded annually. The formula for compound interest is given by: \[A = P \left(1 + \frac{r}{100}\right)^n\] Show more…
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