The sum of principal and simple interest of a certain amount of money would be Tk. 460 after 3 years from now and Tk. 500 after 5 years from now. What is the related interest rate?

The sum of principal and simple interest of a certain amount of money would be Tk. 460 after 3 years from now and Tk. 500 after 5 years from now. What is the related interest rate?

A 10%

B 15%

C 7%

D 12%

Solution

Correct Answer: Option E