Question

A sum of money invested at compound interest amounts to Rs. 800 in 3 years and to Rs. 840 in 4 years. What is the rate of interest per annum ?

Answer 1

Answer:

5%

Step-by-step explanation:

S.I. on Rs 800 For 1 year = 40.

Rate = (100*40) / (800*1) = 5%

So, 5% is your answer

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Answer 2

Answer:

Simple interest for one year=840−800=40Rs.

Rate of interest=

800×1/

40×100

=5%

Step-by-step explanation:

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