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The sum of principal and simple interest of a certain amount of money would be TK. 460 after three years from now and TK. 500 after 5 years from now . What is the related interest rate ?

The sum of principal and simple interest of a certain amount of money would be TK. 460 after three years from now and TK. 500 after 5 years from now . What is the related interest rate ? Correct Answer 5%

Solution: (5 – 3) yr = 2 yrs interest = (500 – 460) = 40 tk 1 year interest = 40/2 = 20 tk. 3 year interest = (20 × 3) = 60 tk Principal amount= (460 – 60) = 400 tkSo,  Interest rate = 60/(400×3) = 0.05 = 5%  

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