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Online ProgramJohn took a loan of $4000 from a bank. He paid $4410 at the end of two years and cleared the loan including the interest (compounded annually), the bank charged. What was the rate of interest per annum?
Select the correct answer.
- 4% p.a.
- 4.5% p.a.
- 3.5% p.a.
- 5% p.a.