A sum of Tk. 12,500 amounts to Tk. 15,500 in 4 years at the rate of simple interest. What is the rate of interest?

A sum of Tk. 12,500 amounts to Tk. 15,500 in 4 years at the rate of simple interest. What is the rate of interest? Correct Answer 6%

Hints: Simple interest, I = Pnr (15500 - 12500) = 12500 × 4 × r r = 3/50 rate = 3/50 × 100% = 6 %
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