By investing Tk. 1,00,000 in six months, a man earns Tk. 1500 as profit as profit.What is the rate of interest earned?
A
33%
B
30%
C
10%
D
3%
Correct Answer: 3%
We know, interest, I = P n r Here, n = 6/12 = 0.5 year Now, I = P n r or, 1500 = 100000 × 0.5 × r or, r = 1500 / (100000×0.5)×100% = 3%