The compound interest earned on a sum for the second and the third years are $1400 and $1498 respectively. What is the rate of interest?
Select
A) 3 % B) 5 % C) 7 % D) 9 % E) 11 %

Rationale: "1498 - 1400 = 98 is the rate of interest on $ 1400 for one year . the rate of interest = ( 100 * 98 ) / ( 1400 ) = 7 % the answer is c ."
Answer: C