At what rate percent per annum will Rs. 8000 amount to Rs. 8820 in 2 years, compound interest compounded annually? MCQ with Answer and Explanation

Explanation:
10000(1+r)² = 12100 ⇒ (1+r)² = 1.21 ⇒ r = 10%.

Explanation:
The sum becomes 2^1 times in 6 years. It will become 8 (2^3) times in 3 * 6 = 18 years.

Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Simple interest rate = 10 * 2 = 20%. Given 21% of sum = 1050 => 1% of sum = 50. Simple Interest = 20% of sum = 20 * 50 = Rs. 1000.