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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 five 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 five years from now. What is the related interest rate? Correct Answer 5%

(5 - 3) = 2 years interest = (500 - 460) = 40 tk 1 years interest = 40/2 = 20 tk 3 year's interest 20 × 3 = 60 tk Principle amount = (460 - 60) = 400 tk Interest rate = (60×100)/(400×3) = 5% (ans)

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