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1. A sum of Tk. 12,500 amounts to Tk. 15,500 in 4 years at the rate of simple interest. What is the rate of interest?
- A. 3%
- B. 3%
- C. 3%
- D. 3%
Answer: Option D
Explanation:
Hints: Simple interest, I = Pnr
(15500 - 12500) = 12500 × 4 × r
r = 3/50
rate = 3/50 × 100% = 6 %
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