A sum of money invested at compound interest to Rs. 800 in 3 years and to Rs 840 in 4 years. The rate on interest per annum is.
4%
5%
6%
7%
Explanation:
S.I. on Rs 800 for 1 year = 40
Rate = (100*40)/(800*1) = 5%
S.I. on Rs 800 for 1 year = 40
Rate = (100*40)/(800*1) = 5%