A sum of money invested at compound interest to Rs. 800 in 3 years and to Rs 860 in 4 years.

A sum of money invested at compound interest to Rs. 800 in 3 years and to Rs 860 in 4 years. The rate on interest per annum is.

Quiz

Answer/Solution

7.5%

Steps/Work

Explanation:
S.I. on Rs 800 for 1 year = 60
Rate = (100*60)/(800*1) = 7.5%
Answer: D