allery₹1,000 becomes ₹1,210 after 2 years, compounded annually at a constant nonnegative rate. Annual rate?
A20%
B10%
C11%
D21%
Answer & Solution
Correct answer: B. 10%
The positive growth factor satisfies (1+r/100)²=1.21, so the nonnegative annual rate is 10%.
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