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1. The sum of principal and simple interest of a certain amount of money would be TK. 460 after three years from now and TK. 500 after 5 years from now . What is the related interest rate ?
- A. 18%
- B. 18%
- C. 18%
- D. 18%
Answer: Option D
Explanation:
(5 - 3) = 2 years interest = (500 - 460) = 40 tk
1 years interest = 40/2 = 20 tk
3 year's interest 20 × 3 = 60 tk
Principle amount = (460 - 60) = 400 tk
Interest rate = (60×100)/(400×3) = 5% (ans).
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