A sum of Tk. 12,500 amounts to Tk. 15,500 is 4 years at the rate of simple interest. What is the rate of interest?

A sum of Tk. 12,500 amounts to Tk. 15,500 is 4 years at the rate of simple interest. What is the rate of interest?

A 3%

B 4%

C 5%

D 6%

Solution

Correct Answer: Option D