Question

How to solve 2500 becomes 3000 in 5 years at simple interest..the rate of simple interest?

Answer 1

rate =
$\frac{ si\times 100 }{p \times t}$
si= amount - principal
=> 3000-2500
= 500
r =
$\frac{500 \times 100}{2500 \times 5} = \frac{50000}{12500} = 4$
rate = 4%
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Answer 2

rate of simple interest is 24%