A sum of money amounts to 12000 in 4 years and 9500 in 3 years under compound interest. What is the rate of interest per annum?

A sum of money amounts to 12000 in 4 years and 9500 in 3 years under c

1.	A sum of money amounts to 12000 in 4 years and 9500 in 3 years under compound interest. What is the rate of interest per annum?
A.	22.3%
B.	16.4%
C.	26.3%
D.	12.3%
E.	None of these
Answer» D. 12.3%

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A sum of money amounts to 12000 in 4 years and 9500 in 3 years under compound interest. What is the rate of interest per annum?

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