Anil took some loan on simple interest at a certain rate and paid ₹12,800 as interest after 2 years. His friend Sumit also borrowed the same sum on compound interest for the same period and same rate of interest compounded annually and paid ₹704 more interest than that paid by Anil. What is the rate of interest per annum?
1
10%
2
11%
3
10.5%
4
More than one of the above
5
None of the above