Sanjay invested an amount of Rs 16,000 for two years on compound interest and received an amount of RS 17,640 on maturity. What is the rate of interest per annum?

Sanjay invested an amount of Rs 16,000 for two years on compound inter

1.	Sanjay invested an amount of Rs 16,000 for two years on compound interest and received an amount of RS 17,640 on maturity. What is the rate of interest per annum?
A.	0.05
B.	0.06
C.	0.07
D.	0.08
Answer» B. 0.06

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Sanjay invested an amount of Rs 16,000 for two years on compound interest and received an amount of RS 17,640 on maturity. What is the rate of interest per annum?

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