A sum of money amounts to Tk. 9800 after 5 years and Tk. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is

A sum of money amounts to Tk. 9800 after 5 years and Tk. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is

A 5%

B 8%

C 12%

D 15%

Solution

Correct Answer: Option C