Question

A sum of money amount to 600 in 2 years and to 750 in 5 years. Simple interest on the sum for 1 year is

Answer 1

Answer:

5%

Step-by-step explanation:

Consider 600 as the principal amount , time =5 years and the amount obtained after 5 years is 750

So Simple interest SI = 750- 600 = 150

Principal P = 600

Time period N = 5 years

Rate R = ?

Formula, SI =PNR / 100

150 = 600*5*R / 100

R = 150*100 /3000

Therefore , R= 5%