Question

At what rate of simple interest will 5000$ amount to 6050$ in 3 years

Answer 1

A=p+SI
6050=5000+SI
SI=1050......rs
SI=prt/100
1050=(5000*3*r)/100
(1050*100)/(5000*3)=r
r=7%....

Answer 2

Answer:

Given,

  Amount(A)= 6050$

  Principle(P)= 5000$

  Time(T)= 3 years

  Rate(R)= ?

first find interest(i),

  I = A-P

    = 6050$ - 5000$

    = 1050$

Now find rate(R)

R = $\frac{I*100}{P*T}$

   = $\frac{1050*100}{5000*3}$

   = $\frac{105}{15}$

   = 7%

Hope this helps you.....................