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A man invested x rupees for 2 years at a rate of r% simple interest. If the amount he received after 2 years is 1.05x, find the rate percentage.

A man invested x rupees for 2 years at a rate of r% simple interest. If the amount he received after 2 years is 1.05x, find the rate percentage. Correct Answer 2.5%

The rate = Interest * 100 / (amount invested * time) The interest = amount received – the amount invested = 1.05x – x = 0.05x The rate = 0.05 * 100 / (x * 2) = 5 / 2 = 2.5%

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