Answer:
7%
Step-by-step explanation:
Using the formula
Amount = Principal + Interest
Give the following
Principal = ₹ 5000
Amount =₹ 6050
Time = 3 years
Required
Time
Substitute into the formula
A = P + I
A = P + PRT/100
6050 = 5000 + 5000(R)(3)/100
6050 - 5000 = 150R
1050 = 150R
R = 1050/150
R = 7
Hence the rate of interest is 7%
