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

6%
4%
5%
7%

Correct Answer: 5%

Explanation:

S.I. on Rs.800 for 1 year

=Rs[840 - 800]

= Rs.40

Rate

=(100x40/800x1)%

= 5%

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