Quantitative Aptitude Interest Compound Interest

Atul borrowed a sum of Rs. 12000 and agreed to repay it by paying Rs. 4800 at the end of first year and Rs. 9240 at the end of second year. What is the rate of compound interest compounded annually?

1

12%

2

\(\frac{8}{5}\)%

3

8%

4

10%

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