The compound interest on a certain sum of money at a certain rate for 2 years is

Question

The compound interest on a certain sum of money at a certain rate for 2 years is Rs. 40.80 and the simple interest on the same sum is Rs. 40 at the same rate and for the same time. The rate of interest is = ?

Options:

A . 2% per annum

B . 3% per annum

C . 4% per annum

D . 5% per annum

Answer: Option C

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