Radhika invested ₹5,800 at compound interest rate (compounded annually) for 2 years. If the compound interest earned at the end of 2 years is ₹594.50, find the annual interest rate.

Subject: Mathematics | Topic: Arithmetic | Difficulty: MEDIUM

Options

1. (A) 6.3%
2. (B) 5.6%
3. (C) 4%
4. (D) 5%

Verified Answer

Option (D): 5%

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