The difference between the rate of interest received by A and B is Rs. 40 on Rs. 2400 for 4 years. What is the difference in the rate of interest?
Answer & explanation
Correct answer: option 1
Difference in SI in 4 years = 40
SI for 1 year = \(\frac{40}{4}\) = 10
difference of rate = \(\frac{10}{2400}\) × 100% = 0.416%