The compound interest (compounded annually) on a sum of money invested for three years yields Rs. 800 and Rs. 840 in four years. The annual percentage rate of interest is:
A. 4.5%
B. 5.5%
C. 5%
D. 6%
Answer: Option C
Solution (By Examveda Team)
Interest of 1 year = 840 - 800 = 40Rate = $$\frac{{40}}{{50}}$$ × 100 = 5% Answer
This Question Belongs to Arithmetic Ability >> Compound Interest
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