Iqbal invested an amount of Tk. 21250 for 6 years. At what rate of simple interest will be obtain the total amount of Tk. 26350 at the end of 6 years?

Question: Iqbal invested an amount of Tk. 21250 for 6 years. At what rate of simple interest will be obtain the total amount of Tk. 26350 at the end of 6 years?

Solution:
Here, P = Tk. 21250,
Simple interest, I = Tk. (26350 - 21250) = Tk. 5100
Time, n = 6 years.

We know,
I = Pnr
r = I/Pn
= {(5100 × 100)/(21250 × 6)}%
= 4%