Question

Find the rate of interest on borrowed 3000 for five and half years and Returns 4050.​

Answer 1

Answer:

6.36%

Step-by-step explanation:

Principal= 3000

Accumulated amount= 4050

Therefore interest= 1050

time= 5.5 years

therefore, rate= let rate be x,

so,

prt÷100=interest

3000×x×5.5÷100= 1050

16500x = 105000

x= 105000÷16500

x=6.36